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China begins scramble for Afghanistan's oil reserves
China began the scramble for Afghanistan's untapped oil reserves by announcing an exploration contract with Kabul the first such international agreement in decades. State-owned China National Petroleum Corp (CNPC) was given approval by the Afghan government to sign the joint-venture deal with diversified Afghan company, the Watan Group. The Chinese will lead the exploration for oil in three fields in the Kashkari, Bazarkhami and Zamarudsay basins, located in the northern provinces of Sar-e Pul and Faryab, which are estimated to hold around 87 million barrels. Compared globally, the oilfields are comparatively small but are significantly profitable for Kabul. Crucially, the deal gives China a leading foothold in its quest to tender for drilling rights at the countrys larger oil and other hydrocarbon reserves located elsewhere in the country. Recent estimates by the US Geological Survey suggest northern Afghanistan, especially in the northeast Afghan-Tajikistan Basin, holds up to 1.8 billion barrels of oil. Posted by: tipper 2011-12-27 |
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