• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 3 hours One Last Warning For The U.S. Shale Patch
  • 14 hours Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 6 hours China's Expansion: Italy Leads Europe Into China’s Embrace
  • 11 hours Chile Tests Floating Solar Farm
  • 31 mins Poll: Will Renewables Save the World?
  • 3 hours China's E-Buses Killing Diesel Demand
  • 21 hours New Rebate For EVs in Canada
  • 3 hours Trump sells out his base to please Wallstreet and Oil industry
  • 12 hours Biomass, Ethanol No Longer Green
  • 13 hours Trump Tariffs On China Working
  • 1 day Boeing Faces Safety Questions After Second 737 Crash In Five Months
  • 1 day The Political Debacle: Brexit delayed
  • 19 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 15 hours Read: OPEC THREATENED TO KILL US SHALE

Can BP Finally Trigger The Chinese Shale Boom?

Chinese President Xi Jingping wrapped up a productive week in the United Kingdom this week, inking major deals that tie the two countries closer together. The trip made more news than Xi’s visit to the U.S. a few weeks earlier, where he wasn’t treated with nearly as much deference.

The red carpet rollout produced a series of major trade deals, but one of the most important developments of the trip was an announcement of deeper cooperation between BP (NYSE: BP) and China’s state-owned China National Petroleum Corp (CNPC). The agreement called for strategic cooperation in “shale gas exploration and production in the Sichuan Basin and future fuel retailing ventures in China and other international partnerships.” British Prime Minister and China’s Xi Jingping were on hand for the signing, a deal that will form the backbone of a “global comprehensive strategic partnership” between the two countries in the 21st century.

BP and CNPC

BP and CNPC already cooperate on a crucial oil project in Iraq. The Rumaila field, Iraq’s largest, produces 1.3 million barrels per day (mb/d). The successful cooperation between the two oil companies in Iraq convinced them that they should expand their partnership, BP’s CEO Bob Dudley said in a statement.

In addition to the shale partnership, BP also secured a deal to supply state-owned China Huadian Corp. with 1 million tonnes of LNG per year for the next two decades,…




Oilprice - The No. 1 Source for Oil & Energy News