International Cooperation and Development
China consumed about 360 billion cubic meters of natural gas in 2022, which will maintain a growth rate of 8% in next five years. The demand of the domestic natural gas market is tremendous. Jiangsu Haibin Group will seize this opportunity, increase investment in the natural gas industry, actively cooperate with internationally renowned enterprises and foreign governments on the basis of equality and mutual benefit, gradually integrate upstream resources from the terminal market and form a whole industry chain. Haibin Group looks forward to working closely with international counterparts to create a better future together.
On November 16, 2013, Haibin Group and GCL Petroleum Group signed 5 petroleum product sharing agreements (PPSA) with the Ethiopian Ministry of Mines, including 2 development blocks and 8 exploration blocks, with a total contract area of approximately 117,000 square kilometers. The contract period of the development blocks is 39 years and the contract period of the exploration blocks is 45 years. The prospective resources of source rocks in the contractual blocks are expected to reach 15 trillion cubic meters. In the first phase, recoverable reserves of 122.8 billion cubic meters of natural gas and 2.695 million tons of recoverable crude oil will be realized.
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