Canada-China Boost Joint Production

Canada's Nelson Resources Ltd and the China National Petroleum Corporation (CNPC), plan to increase oil extraction at the Northern Buzachi oilfield in western Kazakhstan.

The consortium, with each company holding 50% interest, will increase oil extraction at the oilfield up to 500,000t in 2004, which is 100,000 t of oil up on last year.

The consortium is planning to drill 15 more oil wells at the oilfield, but still needs approval from the Kazakh government.

If the central commission on the development of Kazakhstan's oilfields under the Kazakh Energy and Mineral Resources Ministry approves the program, the number of oil wells designated for drilling will reach 60 this year, which will help increase the level of oil extraction up to 600,000 t a year.