What I said before about an increase in activities and income over the next couple of years. Found some interesting connections in Canada. looks like russell either had or still has interest in petroreal.
The main section of the block is Oseil Field, which produced 4,300 b/d in the first six months of 2006. The field, which has proven reserves of 7.05 million barrels of heavy crude, started production at the end of last year.
While declining to project the output growth target for the field, Shou said: "Most of the field hasn't been appraised. I think it has a lot of upside in reserves potential."
He said the field will be profitable in about two-to-three years from now, when production peaks. Shou declined to project the output level when the field hits that peak.
Chinese oil companies have been hunting for oil and gas resources around the world to lessen China's reliance on imports. The country has been a net crude importer since 1993.
LIO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
