The Chinese company also reported the production of 4,410 barrels of
light crude oil per day in Block 438B. It was the first announcement of a
major energy find in Algeria in 2007, Middle East Newsline reported.
Executives said CNPC began drilling Heba-1 in February 2006. They said
exploration of the block was difficult, with target reserves lying 3,600 to
4,200 meters below sea level.
Meanwhile, the United Arab Emirates has sought to become a
global energy hub.
Officials said the UAE has discussed a proposal with Western majors to
convert Abu Dhabi into a strategic operations energy center. They said the
UAE has offered 100 percent ownership to foreign investors prepared to
establish an energy services complex.
Under the proposal, Western majors would make Abu Dhabi the center of
operations. The UAE contains scores of oil rigs and logistics that could
rival such hubs as the U.S. city of Houston.
The UAE produces about two million barrels of oil per day. The emirates
have also been linked by a natural gas pipeline to Qatar.