With the ability to access oil and gas in shale at profitable rates now available, energy-hungry China is in talks with BP (NYSE:BP) via Sinopec, to work out an exploration and development deal concerning shale gas resources in country.
Sinopec says they're planning on increasing the number of bids to six more shale blocks at this time. Adding to the 42 shale gas blocks they already own.
Sinopec's Chief Financial Officer Wang Xinhua said, "We are now in talks with BP on potential cooperation," although he didn't elaborate on it.
As usual, China understands the resource, but doesn't have the technological ability or knowledge to extract the gas from the shale, which is why they have been partnering with Western companies like BP.
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