Chevron to Partner With CNPC on Major Gas Project in China

Source: www.gulfoilandgas.com 12/18/2007, Location: Asia

Chevron Corporation announced that its main Chinese subsidiary has signed a 30-year production-sharing contract with China National Petroleum Corporation for the joint development of the Chuandongbei natural gas area in central China. Chevron will take over the role of operator and hold a 49 percent participating interest and CNPC will hold a 51 percent interest in the project.

"The signing of this contract demonstrates our worldwide focus on large-scale exploration and production projects, and our long-term strategy to grow our business in China," said Dave O'Reilly, chairman and chief executive officer of Chevron Corporation, during a signing ceremony in Beijing.

The Chuandongbei gas development area covers nearly 2,000 square kilometers in the Sichuan province. Chuandongbei, which includes the Tieshanpo, Dukouhe-Qilibei and Luojiazhai gas fields, has an estimated resource base of 5 trillion cubic feet of natural gas. Design capacity at the proposed gas plants is expected to be 740 million cubic feet of natural gas per day.


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