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CNPC and Shell Sign First Shale Gas PSC in China

Source: www.gulfoilandgas.com 3/20/2012, Location: Asia

China National Petroleum Corporation (CNPC) and Shell China Exploration and Production Company Limited (Shell) signed a Production Sharing Contract (PSC) for shale gas exploration, development and production in the Fushun-Yongchuan block in the Sichuan Basin, China.

Subject to government approval, this is the first shale gas PSC ever signed in China. The contract area covers approximately 3,500 square kilometres.

Zhao Zhengzhang, Vice President of PetroChina Company Limited, and Lim Haw-Kuang, Executive Chairman of Shell Companies in China, signed the PSC at a ceremony in Beijing. Jiang Jiemin, Chairman of CNPC, and Peter Voser, Chief Executive Officer of Royal Dutch Shell plc, witnessed the signing.

“We are delighted about this new milestone in our strategic cooperation with CNPC,” said Peter Voser. “China has huge shale gas potential and we are committed to making a contribution in bringing that potential into reality.”

Shell will apply its advanced technology, operational expertise and global experience in the project to jointly develop the shale gas resources with CNPC.

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