It is reported that the Sino US natural gas project of PetroChina Co Ltd in Sichuan Province will start production from 2010.

Chevron Corporation participated in the construction of the project, in which it takes a 49% stake. Both sides signed a product-sharing contract in 2007 under which PetroChina will exploit a high sulfur gas field by using the latter's technology. China National Petroleum Corporation will be responsible for the operation of the gas field.

The project is located in southwest Sichuan Province, west China, with proved natural gas reserves of 176 billion cubic meters. And the two parties announced in 2007 that they planed to build two natural gas plants there with an aggregated gas output of 7.6 billion cubic meters per year.

Besides, The Chinese Company will hand in an application about new oilfield exploitation to the National Development and Reform Commission together with Total, a French oil and gas giant. And they predicted that the oilfield would reach a highest oil output of 3 billion cubic meters yearly in the period from 2012 to 2016.

(Sourced from www.tradingmarkets.com)