Oil major BP PLC and China National Petroleum Corporation have signed a production-sharing contract for shale gas exploration, development and production in the Neijiang-Dazu block in the Sichuan Basin, China.
The contract is BP’s first shale gas deal in China and covers an area of 1,500 square kilometers, BP said Thursday. China National Petroleum will be operator for this project.
In addition to unconventional resources, the framework agreement covers possible future fuel-retailing ventures in China, exploration of oil and liquefied-natural-gas trading opportunities globally, as well as carbon-emissions trading. The two companies will also share knowledge around low-carbon energy and management practices.
By Ian Walker
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