PetroChina parent finds enough gas to meet two years' Chinese demand

|About: PetroChina Company Limited (PTR)|By:, SA News Editor

PetroChina (PTR +3.2%) shares surge after the oil and gas explorer's parent CNPC found a natural gas reserve that’s big enough to supply China’s needs for two years.

The find in the southeastern province of Sichuan has a reserve of 440B cubic meters, of which 308B is technically recoverable, CNPC says; China consumed ~169B cubic meters of gas in 2013.

A testing well at the site has produced as much as 1.1M cubic meters/day of natural gas.