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(Yicai Global) Nov. 10 – The consortium between China’s largest oil and gas supplier China National Petroleum Corporation, and Petrobras, a Brazilian state-owned oil giant, has completed the first exploration test of a deepwater field in Brazil, during which it obtained a high flow of oil.
The finding confirms the huge resource potential and development prospect of the Aram block in the Santos Basin, laying the foundation for subsequent exploration and evaluation, The Paper reported today.
The consortium, in which Petrobras holds an 80 percent stake and CNPC the rest, secured the rights to develop the Aram block after being invited to a bid for the project in November 2019.
In November last year, the consortium found the oil-bearing section of the block using wireline logging and fluid sampling. Since then, technical teams from both companies have actively collaborated on advance testing to further define the block’s reservoir capacity, The Paper added.
CNCP’s listed unit PetroChina reported a 60 percent leap to CNY120.3 billion (USD16.6 billion) in net profit in the first three quarters from a year earlier, thanks to the hike in international crude oil prices, according to its latest financial results. Revenue rose 31 percent to CNY2.46 trillion (USD338.5 billion). It was the best third-quarter earnings the company ever reported.
Editor: Martin Kadiev