RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:CGG/Qiangtang Basin contains upwards of 70 billionbarrel oILcgg
4 bullish - closest target $16.00 - $19.00
Last August, the China Geological Survey, under the Ministry of Land and Resources, signed a 20 million yuan (USD 3.5 million) exploration agreement with Sinopec after the Tibet region showed "enormous oil and natural gas potential," according to the ministry's website. The 7,000-metre borehole was drilled into the Tibetan Plateau, called the roof of the world, in a bid to tap the region's oil and natural gas resources, the Hong Kong-based South China Morning Post reported quoting Chinese engineers. "It is the deepest borehole ever drilled at such extreme altitudes, according to mainland scientists who are following the project," the report said.