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.
Showing posts with label Shale Gas China. Show all posts
Showing posts with label Shale Gas China. Show all posts
Friday, October 29, 2010
Wednesday, August 11, 2010
ConocoPhillips (NYSE:COP), PetroChina (NYSE:PTR) Negotiating on Shale Gas Projects
ConocoPhillips (NYSE:COP) and PetroChina (NYSE:PTR) have been quietly negotiating on a joint venture in China which would target shale gas projects in the middle kingdom.
Operations would initially be pursued in the Sichuan province, where Conoco would explore an approximate 3,000 kilometer area of Sichuan.
This would a first for China, which has no proof of having had began shale gas production in the country.
As in many cases, the benefit to China would be the expertise of a western company like Conoco, which would have far more advanced technology to perform exploration and testing at a higher level.
China is desperate for natural resources, and a competing world makes their own land the best place to get it if the resources are there.
With the discovery of enormous shale natural gas reserves in America, China is hoping their country may have significant reserves as well, which could last them for many decades, and more.
Operations would initially be pursued in the Sichuan province, where Conoco would explore an approximate 3,000 kilometer area of Sichuan.
This would a first for China, which has no proof of having had began shale gas production in the country.
As in many cases, the benefit to China would be the expertise of a western company like Conoco, which would have far more advanced technology to perform exploration and testing at a higher level.
China is desperate for natural resources, and a competing world makes their own land the best place to get it if the resources are there.
With the discovery of enormous shale natural gas reserves in America, China is hoping their country may have significant reserves as well, which could last them for many decades, and more.
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