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PetroChina (PTR) Hits Gas Prospect in China's Xinjiang Province
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PetroChina Company Limited recently discovered a natural gas reservoir in northwest China's Hutubi County, Xinjiang Uyghur Autonomous Region. The announcement, made by the company's local unit adds that the well will likely possess a production capacity of 61,000 cubic meters of natural gas and 106.3 cubic meters of crude oil per day.
Spread across an area of around 156 million square metres along the southern border of the Junggar Basin, the new-found reservoir’s reserves are estimated to be in excess of 100 billion cubic meters. PetroChina is drilling three additional exploration wells, namely Letan 1, Tianwan 1 and Tianan-1 nearby the latest discovery.
Huo Jin, general manager of PetroChina's unit in the northwestern province of Xinjiang believes that "the discovery marks a major breakthrough in gas exploration in the southern rim of the Junggar Basin, which will further guarantee the gas supply of our company and contribute to the stability and prosperity of the region”.
The new find comes more than a year after PetroChina discovered a similar-sized reservoir at Xinjiang’s Tarim Basin, which is one of the largest sedimentary basins in China, covering 560,000 square kilometers.
Notably, Xinjiang is PetroChina’s one of the most significant investing sites as it plans to expand the region’s total oil and gas output to 1 million barrels per day oil equivalent. To this end, the state energy giant plans to spend $22.90 billion between 2018 and 2020.
Company Summary
PetroChina is the largest integrated oil company in China. It was established in November 1999 as part of the restructuring of China National Petroleum Corporation, a state-owned entity, which currently holds a stake of 81.03% in PetroChina. The company operates in four segments, namely Exploration & Production, Natural Gas & Pipelines, Refining & Chemicals, and Marketing.
Zacks Rank & Key Picks
PetroChina currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are Hess Midstream Partners LP (HESM - Free Report) , DCP Midstream Partners, LP and China Petroleum & Chemical Corporation , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
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PetroChina (PTR) Hits Gas Prospect in China's Xinjiang Province
PetroChina Company Limited recently discovered a natural gas reservoir in northwest China's Hutubi County, Xinjiang Uyghur Autonomous Region. The announcement, made by the company's local unit adds that the well will likely possess a production capacity of 61,000 cubic meters of natural gas and 106.3 cubic meters of crude oil per day.
Spread across an area of around 156 million square metres along the southern border of the Junggar Basin, the new-found reservoir’s reserves are estimated to be in excess of 100 billion cubic meters. PetroChina is drilling three additional exploration wells, namely Letan 1, Tianwan 1 and Tianan-1 nearby the latest discovery.
Huo Jin, general manager of PetroChina's unit in the northwestern province of Xinjiang believes that "the discovery marks a major breakthrough in gas exploration in the southern rim of the Junggar Basin, which will further guarantee the gas supply of our company and contribute to the stability and prosperity of the region”.
The new find comes more than a year after PetroChina discovered a similar-sized reservoir at Xinjiang’s Tarim Basin, which is one of the largest sedimentary basins in China, covering 560,000 square kilometers.
Notably, Xinjiang is PetroChina’s one of the most significant investing sites as it plans to expand the region’s total oil and gas output to 1 million barrels per day oil equivalent. To this end, the state energy giant plans to spend $22.90 billion between 2018 and 2020.
Company Summary
PetroChina is the largest integrated oil company in China. It was established in November 1999 as part of the restructuring of China National Petroleum Corporation, a state-owned entity, which currently holds a stake of 81.03% in PetroChina. The company operates in four segments, namely Exploration & Production, Natural Gas & Pipelines, Refining & Chemicals, and Marketing.
Zacks Rank & Key Picks
PetroChina currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are Hess Midstream Partners LP (HESM - Free Report) , DCP Midstream Partners, LP and China Petroleum & Chemical Corporation , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Click here for the 6 trades >>