logo
Plus   Neg
Share
Email

CNPC, Shell Ink First Shale Gas Production Sharing Contract In China

Shell China Exploration and Production Co. Ltd., a subsidiary of Royal Dutch Shell Plc (RDS-A, RDSA.L, RDSB.L, RDS-B), said the company and China National Petroleum Corp., or CNPC, signed a production sharing contract for shale gas exploration, development and production in the Fushun-Yongchuan block in the Sichuan Basin, China.

Shell stated that the contract area covers around 3,500 square kilometres. The company added that it will apply its advanced technology, operational expertise and global experience in the project to jointly develop the shale gas resources with CNPC.

Peter Voser, chief executive officer of Royal Dutch Shell, said, "China has huge shale gas potential and we are committed to making a contribution in bringing that potential into reality."

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Billionaire entrepreneur Elon Musk on Thursday showed off his concept for the Loop, a high-speed underground public transportation system that will carry up to 16 people and travel at 150 miles per hour. At the Boring Company Information Session, Musk and project leader Steve Davis provided details of the underground mass transit tunnels that the Boring Co. plans to build beneath Los Angeles. Raden has become the second smart luggage company to shut down this month after major U.S. airlines banned smart luggage with non-removable batteries earlier this year. In a statement on its website, Raden said that it is no longer in operation and that all existing shipments have been processed for delivery. The company is shuttering after three years of operation. Shares of AstraZeneca were losing around 2 percent in the London trading after the British drug major reported Friday lower profit in its first quarter amid weak margin, despite growth in product sales. Further, the company reiterated its outlook for fiscal 2018. The level of Externalisation Revenue, divestment timing and investment in launches impacted the overall results.
Follow RTT