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BP and China National Petroleum Corporation (CNPC) signed a production sharing contract (PSC) for shale gas exploration, development, and production in the Neijiang-Dazu block in the Sichuan Basin, China. Witnessed by BP Group Chief Executive Bob Dudley and CNPC Chairman Wang Yilin, the contract is BP's first shale gas PSC in China, and covers an area of approximately 1,500 square kilometers. CNPC will be operator for this project.
This PSC is the first achievement from BP and CNPC's framework agreement on strategic cooperation that was signed last October during the visit to the UK of President of The People's Republic of China, Mr. Xi Jinping. In addition to unconventional resources, the framework agreement covers possible future fuel retailing ventures in China, exploration of oil and LNG trading opportunities globally, and carbon emissions trading, as well as sharing of knowledge around low carbon energy and management practices.
BP's Energy Outlook (2016 edition) expects that by 2035 shale gas will account for a quarter of the total gas produced globally and China will become the world's largest contributor to growth in shale gas production.
Further information about BP China is available on www.bp.com.cn .