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Chinese CNPC finalised an oil exploration and development deal with the Afghan government

October 24/2011

(Arabian oil and gas) -- Chinese state-backed oil firm CNPC has finalised an oil exploration and development deal with the Afghan government, the first in the country's modern history. CNPC beat UK firm Tethys Petroleum for the development of oil resources at Amu Darya in the northern Sar-e Pul province on terms which the Afghan Ministry of Mines has promised to disclose in full in around a months' time.


Amu Darya contains five known fields which together are estimated to hold 80 million recoverable barrels of oil, or 11,000 barrels per day over 20 years, enough make Afghanistan a most oil exporter.


Jalil Jumriany, policy director at the mines ministry, estimates CNPC will invest $200-300 million in the projects in the first few two years.


The US Pentagon's Task Force for Business and Stability Operations for Afghanistan assigned to monitor the bidding process released a statement on the bidding:


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