China oil giant China National Petroleum Corporation (CNPC) joined France’s Total (TOT.NYSE, FP.EPA) and Tethys Petroleum (TPL.LON, TPL.TSE) in signing a Tajikistan oil and gas development deal Tuesday, The Wall Street Journal reported. Tethys has said that the Bokhtar project in Tajikistan is expected to yield 3.22 trillion cubic meters of gas and 8.5 billion barrels of oil. The estimated costs of the first phase of exploration range from US$80-100 million. China reportedly plans to increase the role of natural gas in its energy supply to 10% by 2020 to reduce dependency on coal, which currently fuels 70% of the country’s energy needs.
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