CNPC boosts oil and gas reserves

Days after it agreed to buy PetroKazakhstan for US$4.18 billion, China National Petroleum Corporation (CNPC) has increased its oil reserves by 300 million tonnes and gas reserves by 150 billion cubic metres, state media reported. Major discoveries made by the company, which plans to invest US$18.9 billion this year in domestic resource exploitation, include 200 million tonnes of oil in the Jidong field of the Bohai Bay Basin and 100 cubic metres of natural gas in the Songliao Basin in northeast China.