Sector News

BP signs second shale gas deal with China's CNPC

September 1, 2016
News

Oil major BP PLC said Thursday it has signed a second production sharing contract for shale gas exploration, development and production with China National Petroleum Corporation.

The agreement, which was signed on July 27, covers an area of about 1,000 square kilometers at Rong Chang Bei in the Sichuan Basin and will be operated by CNPC, BP said.

In March, BP and CNPC signed their first shale gas production sharing contract on the adjoining Neijiang-Dazu block.

“China is important for global energy markets and for all BP’s businesses. With this new PSC sealed, we want to further expand our presence in this vital market,” said Edward Yang, BP China President.

“The two recently-signed shale gas PSCs not only underline BP’s continued confidence in the Chinese market, but also reaffirm our dedication to support China in unlocking its potential for more sustainable energy development,” he added.

By Ian Walker

Source: MarketWatch

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