CNPC Takes Over Changbei Phase I Project from Shell

Source: www.gulfoilandgas.com 1/22/2016, Location: Asia

On January 20, at the turning-over ceremony of Changbei Phase I Project's operatorship held in Beijing, CNPC officially took on the role as operator of the project instead of Shell.

CNPC and Shell signed a contract on gas development and production at Changbei Block in 1999. The block, part of Changqing Oilfield in the Ordos Basin, covers an area of 1,691 square kilometers, and boasts an annual production capacity of 3.3bcm currently. At Changbei project, excellent performance has been achieved in efficient tight gas development, operational safety, key operation index maintenance, operating cost control, and facility reliability. The project is the first to apply extended-reach dual-lateral horizontal well drilling on a large scale in onshore China to tap low-permeability gas reservoirs.

After the take-over, CNPC and Shell will continue to deepen cooperation on the basis of mutual trust and mutual benefit, speed up the Phase II project for capacity building, and ensure the continuous excellent performance of Changbei project.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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