BEIJING, Sept.26 (Xinhua) -- China ZhenHua Oil Company Limited, subsidiary of China North Industries Corporation (NORINCO), signed an 11-year agreement for oilfield project extension with Myanmar Oil and Gas Enterprise in Naypyidaw on September 15 following the expiry of contract signed in 2011.
In 2011, ZhenHua completely took over Geopetrol, France, thereby acquiring a 40 percent stake in the Yenangyaung and Chauk oilfields’ EOR contract for oil exploration, development and production. The annual output of the two oilfields soared from 110,000 tonnes in 2011 to 175,000 tonnes in 2014.
As Myanmar’s two oldest oilfields, Yenangyaung Oil Field and Chauk Oil Field are currently Myanmar’s largest and third-largest land oilfields, respectively. The aggregate annual output of the two oilfields accounts for 42 percent of Myanmar’s total land oil output; the figure peaked at 45 percent in 2014. (Edited by Niu Huizhe, niuhuizhe@xinhua.org)
A single purchase
