China Finds Another Giant Gas Field

China’s largest energy company PetroChina reportedly has struck another giant natural gas field with an estimated reserve of up to 4.6 trillion cubic feet.

The China Daily, quoting a company source, reported Thursday the gas field named Dabei III was discovered in northwest Xinjiang province, which borders Tibet and forms part of the historic Silk Route. The company plans to drill more appraisal wells to establish Dabei III’s proven reserves.

One researcher told China Daily Dabei III has the potential to be the third largest gas field in Xinjiang, after Kela II and Dina II fields, which have proven reserves 8.8 trillion and 6 trillion cubic feet.

The report said PetroChina’s parent China National Petroleum Corp. planned to add a second west-east pipeline with an annual transmission capacity 1.06 trillion cubic feet to transport gas from central Asian regions, including Turkmenistan and Xinjiang, to China’s eastern and southern regions.

Chinese officials have said they want to increase the gas component of its total energy consumption from the current 2.9 percent to 5.3 percent by 2010.