Exhibit 15.2
 (CCA LOGO)Gaffney, Cline & Associates (Consultants) Pte Ltd Technical and Management Advisers to the Petroleum Industry Internationally Since 1962
Registration No. 198701453N
    

80
Anson Road, #31-01CFuji Xerox TowersSingapore 079907Telephone: +65 6225 6951Facsimile: +65 6224 0842email:gcas@gaffney-cline.comwww.gaffney-cline.com
 DSR/jbi/L0162/2010/KK1507.00
    
    27thMay, 2010
 PetroChina Company Limited
  THIRD PARTY REPORT
RESERVES ESTIMATION AND VALUATION OF SELECTED PETROLEUM ASSETS
(ALGERIA, CHAD AND KAZAKHSTAN-PKKR)
AS OF 31 st DECEMBER, 2009
 INTRODUCTION
 st
 st
 METHODOLOGY
  th st
 
 UNITED KINGDOM
    
    UNITED STATES
    
    SINGAPORE
    
    AUSTRALIA
    
    ARGENTINA
    
    BRAZIL
    
    KAZAKHSTAN
    
    RUSSIA




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GCA
    
    GAFFNEY, CLINE & ASSOCIATES
 st th
 st
    st
 Appendix I
 
 CNODCI
    
    2
    
    KK1507.00




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GCA
    
    GAFFNEY, CLINE & ASSOCIATES
 1.
    
    RESULTS SUMMARY
 1.1
    
    Net Reserves
   NET ENTITLEMENT PROVED OIL RESERVES
AS OF 31 st DECEMBER, 2009
 ProvedCountry
    
    
    Proved Developed
    
    
    Undeveloped
    
    
    Total Proved(Mstb)
    
    
    (Mstb)
    
    
    (Mstb)ALGERIA
    
    
    6,774
    
    
    10,713
    
    
    17,487CHAD
    
    
    -
    
    
    25,958
    
    
    25,958KAZAKHSTAN - PKKR
    
    
    76,074
    
    
    4,387
    
    
    80,461TOTAL CNODCI
    
    
    82,848
    
    
    41,058
    
    
    123,906
 
 Note:    Totals may not add exactly due to rounding errors. 1.2
    
    Gross Volumes
  CNODCI
    
    3
    
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GCA
    
    GAFFNEY, CLINE & ASSOCIATES
 GROSS PROVED OIL RESERVES
AS OF 31 st DECEMBER, 2009
 ProvedCountry
    
    
    Proved Developed
    
    
    Undeveloped
    
    
    Total Proved(Mstb)
    
    
    (Mstb)
    
    
    (Mstb)ALGERIA
    
    
    13,824
    
    
    21,864
    
    
    35,688CHAD
    
    
    -
    
    
    29,137
    
    
    29,137KAZAKHSTAN - PKKR
    
    
    123,800
    
    
    7,318
    
    
    131,118TOTAL CNODCI
    
    
    137,624
    
    
    58,319
    
    
    195,943
 Note:
 1.3
    
    Net Present Values
 st
 NET PRESENT VALUES ATTRIBUTABLE TO CNODCI
AS OF 31st DECEMBER, 2009
DISCOUNT RATE 10%
 ProvedCountry
    
    
    Proved Developed
    
    
    Undeveloped
    
    
    Total Proved(U.S.$MM)
    
    
    (U.S.$MM)
    
    
    (U.S.$MM)ALGERIA
    
    
    76
    
    
    83
    
    
    159CHAD
    
    
    -
    
    
    0
    
    
    0KAZAKHSTAN - PKKR
    
    
    823
    
    
    41
    
    
    864TOTAL CNODCI
    
    
    899
    
    
    124
    
    
    1,023
 Notes:
 1.
    
    No opening tax positions or un-recovered balances are available.2.
    
    Totals may not add exactly due to rounding errors.
 CNODCI
    
    
    4
    
    
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GCA
    
    GAFFNEY, CLINE & ASSOCIATES
   1.4
    
    Sensitivity Analysis
  NET PRESENT VALUES ATTRIBUTABLE TO CNODCI
SENSITIVITY RESULTS
AS OF 31st DECEMBER, 2009
DISCOUNT RATE 10%
 ProvedCountry
    
    
    Proved Developed
    
    
    Undeveloped
    
    
    Total Proved(U.S.$MM)
    
    
    (U.S.$MM)
    
    
    (U.S.$MM)ALGERIA
    
    
    78
    
    
    92
    
    
    170CHAD
    
    
    -
    
    
    198
    
    
    198KAZAKHSTAN - PKKR
    
    
    1,270
    
    
    67
    
    
    1,337TOTAL CNODCI
    
    
    1,348
    
    
    357
    
    
    1,705
 Notes:1.
    
    No opening tax positions or un-recovered balances are available.2.
    
    Totals may not add exactly due to rounding errors.
 CNODCI
    
    
    5
    
    
    KK1507.00




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GCA
    
    GAFFNEY, CLINE & ASSOCIATES
 2.      BASIS OF OPINION
     GAFFNEY, CLINE & ASSOCIATES (CONSULTANTS) PTE LTD
 
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    6
    
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GCA
    
    APPENDIX I
 APPENDIX I
 GLOSSARY
 
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GCA
    
    APPENDIX I
 List of Standard Oil Industry Terms and Abbreviations
  ABEX
    
    Abandonment ExpenditureACQ
    
    Annual Contract Quantity°API
    
    Degrees API (American Petroleum Institute)AAPG
    
    American Association of Petroleum GeologistsAVO
    
    Amplitude versus OffsetA$
    
    Australian DollarsB
    
    Billion (109)Bbl
    
    Barrels/Bbl
    
    per barrelBbbl
    
    Billion BarrelsBHA
    
    Bottom Hole AssemblyBHC
    
    Bottom Hole CompensatedBscf or Bcf
    
    Billion standard cubic feetBscf/d or Bcf/d
    
    Billion standard cubic feet per dayBm3
    
    Billion cubic metresbcpd
    
    Barrels of condensate per dayBHP
    
    Bottom Hole Pressureblpd
    
    Barrels of liquid per daybpd
    
    Barrels per dayboe
    
    Barrels of oil equivalent @xxx mcf/bblboepd
    
    Barrels of oil equivalent per day@xxx mcf/bblBOP
    
    Blow Out Preventerbopd
    
    Barrels oil per daybwpd
    
    Barrels of water per dayBS&W
    
    Bottom sediment and waterBTU
    
    British Thermal Unitsbwpd
    
    Barrels water per dayCBM
    
    Coal Bed MethaneCO2
    
    Carbon DioxideCAPEX
    
    Capital ExpenditureCCGT
    
    Combined Cycle Gas Turbinecm
    
    centimetresCMM
    
    Coal Mine MethaneCNG
    
    Compressed Natural GasCp
    
    Centipoise (a measure of viscosity)CSG
    
    Coal Seam GasCT
    
    Corporation TaxCum
    
    CumulativeDCQ
    
    Daily Contract QuantityDeg C
    
    Degrees CelsiusDeg F
    
    Degrees FahrenheitDHI
    
    Direct Hydrocarbon IndicatorDST
    
    Drill Stem TestDWT
    
    Dead-weight tonE&A
    
    Exploration & AppraisalE&P
    
    Exploration and ProductionEBIT
    
    Earnings before Interest and TaxEBITDA
    
    Earnings before interest, tax, depreciation and amortisationEI
    
    Entitlement InterestEIA
    
    Environmental Impact AssessmentEMV
    
    Expected Monetary Value
  EOR
    
    Enhanced Oil RecoveryEUR
    
    Estimated Ultimate RecoveryFDP
    
    Field Development PlanFEED
    
    Front End Engineering and DesignFPSO
    
    Floating Production, Storage and OffloadingFSO
    
    Floating Storage and Offloadingft
    
    Foot/feetFx
    
    Foreign Exchange Rateg
    
    gramg/cc
    
    grams per cubic centimetregal
    
    gallongal/d
    
    gallons per dayG&A
    
    General and Administrative costsGBP
    
    Pounds SterlingGDT
    
    Gas Down toGIIP
    
    Gas initially in placeGj
    
    Gigajoules (one billion Joules)GOR
    
    Gas Oil RatioGTL
    
    Gas to LiquidsGWC
    
    Gas water contactHDT
    
    Hydrocarbons Down toHSE
    
    Health, Safety and EnvironmentHSFO
    
    High Sulphur Fuel OilHUT
    
    Hydrocarbons up toH2S
    
    Hydrogen SulphideIOR
    
    Improved Oil RecoveryIPP
    
    Independent Power ProducerIRR
    
    Internal Rate of ReturnJ
    
    Joule (Metric measurement of energy. 1 kilojoule = 0.9478 BTU)k
    
    PermeabilityKB
    
    Kelly BushingKJ
    
    Kilojoules (one Thousand Joules)kl
    
    Kilolitreskm
    
    Kilometreskm2
    
    Square kilometreskPa
    
    Thousands of Pascals measurement of pressure)KW
    
    KilowattKWh
    
    Kilowatt hourLKG
    
    Lowest Known GasLKH
    
    Lowest Known HydrocarbonsLKO
    
    Lowest Known OilLNG
    
    Liquefied Natural GasLoF
    
    Life of FieldLPG
    
    Liquefied Petroleum GasLTI
    
    Lost Time InjuryLWD
    
    Logging while drillingm
    
    MetresM
    
    Thousandm3
    
    Cubic metresMcf or Mscf
    
    Thousand standard cubic feetMCM
    
    Management Committee Meetingcf or scf
    
    Standard Cubic Feet
 
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GCA
    
    APPENDIX I
  MMcf or MMscf

    Million standard cubic feetm3d

    Cubic metres per dayMDT

    Modular Dynamic TestermD

    Measure of Permeability in millidarciesMD

    Measured DepthMean

    Arithmetic average of a set of numbersMedian

    Middle value in a set of valuesMFT

    Multi Formation Testermg/l

    milligrames per litreMJ

    Megajoules (One Million Joules)Mm3

    Thousand Cubic metresMm3d

    Thousand Cubic metres per dayMM

    MillionMMbbl

    Millions of barrelsMMBTU

    Millions of British Thermal UnitsMode

    Value that exists most frequently in a set of values = most likelyMscf/d

    Thousand standard cubic feet per dayMMscf/d

    Million standard cubic feet per dayMW

    MegawattMWD

    Measuring While DrillingMWh

    Megawatt hourmya

    Million years agoNGL

    Natural Gas LiquidsN2

    NitrogenNPV

    Net Present ValueOBM

    Oil Based MudOCM

    Operating Committee MeetingODT

    Oil down toOPEX

    Operating ExpenditureOWC

    Oil Water Contactp.a.

    Per annumPa

    Pascals (metric measurement of pressure)P&A

    Plugged and AbandonedPDP

    Proved Developed Non-producingPI

    Productivity IndexPJ

    Petajoules
(1015Joules)PSDM

    Post Stack Depth Migrationpsi

    Pounds per square inchpsia

    Pounds per square inch absolutepsig

    Pounds per square inch gaugePUD

    Proved UndevelopedPVT

    Pressure volume temperatureP10

    10% ProbabilityP50

    50% ProbabilityP90

    90% ProbabilityRF

    Recovery factorRFT

    Repeat Formation TesterRT

    Rotary TableRw

    Resistivity of waterSCAL

    Special core analysis
  cf/d or scf/d

    Standard Cubic Feet per dayscf/ton

    Standard cubic foot per tonSL

    Straight line (for depreciation)so

    Oil SaturationSPE

    Society of Petroleum EngineersSPEE

    Society of Petroleum Evaluation Engineersss

    Subseastb

    Stock tank barrelSTOIIP

    Stock tank oil initially in placesw

    Water SaturationT

    TonnesTD

    Total DepthTe

    Tonnes equivalentTHP

    Tubing Head PressureTJ

    Terajoules (1012Joules)Tscf or Tcf

    Trillion standard cubic feetTCM

    Technical Committee MeetingTOC

    Total Organic CarbonTOP

    Take or PayTpd

    Tonnes per dayTVD

    True Vertical DepthTVDss

    True Vertical Depth SubseaUSGS

    United States Geological SurveyU.S.$

    United States DollarVSP

    Vertical Seismic ProfilingWC

    Water CutWI

    Working InterestWPC

    World Petroleum CouncilWTI

    West Texas Intermediatewt%

    Weight percent1H05

    First half (6 months) of 2005 (example of date)2Q06

    Second quarter (3 months) of 2006 (example of date)2D

    Two dimensional3D

    Three dimensional4D

    Four dimensional1P

    Proved Reserves2P

    Proved plus Probable Reserves3P

    Proved plus Probable plus Possible Reserves%

    Percentage
 
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