An Australian consortium has started the first foreign onshore oil drilling program in China and expects to complete four exploration wells in about six months, according to consortium leader CSR Ltd. The drilling program also includes Chinese firms led by the China National Oil Development Corp.
Members of the Australian consortium are operator CSR Orient Pty. Ltd., a wholly owned subsidiary of CSR, with 30% interest, and Bond Petroleum International Inc., wholly owned by Bond Corp Holdings Ltd., also with 30%. BHP Petroleum (China) Inc., wholly owned by the Broken Hill Pty. Co., has 20%, and Basin Oil NL also has a 20% stake, half of which is held for Barcoo Petroleum NL.