focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied Materials
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied MaterialsView Video
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to mining
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to miningView Video

Latest Share Chat

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 496.95
Bid: 496.65
Ask: 496.75
Change: -5.35 (-1.07%)
Spread: 0.10 (0.02%)
Open: 504.00
High: 506.20
Low: 492.65
Prev. Close: 496.95
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

FACTBOX-Foreign firms in China's shale gas sector

Fri, 17th May 2013 06:03

(Adds Italy Eni's joint study with CNPC)

BEIJING, May 17 (Reuters) - Italian oil firm Eni has entered a joint study with China's CNPC to explore a shalegas block in the southwestern province of Sichuan, officialssaid on Friday, becoming one of the latest foreign firms toenter China's shale gas sector.

International oil and gas firms have shown interest inChina's potentially vast shale gas reserves that are believed tobe the world's largest, although there has been littlecommercial production to date.

Companies like and Hess Corp, Shell, Chevron and Exxon Mobil have partnered with China's state oilfirms PetroChina and Sinopec Corp thatoperate vast acreage, though most of them are early stages ofcooperation like joint studies.

Outside the acreage operated by Chinese energy majors, thegovernment has opened two shale gas auctions.

Sixteen Chinese companies won 19 blocks in the second tenderthat concluded last December, all of which are non-oil firmswhich means they will need to buy in the expertise they lack,creating opportunities to big service companies such asSchlumberger and Baker Hughes, as well as local playerssuch as Anton Oilfield Services Group

The following lists foreign firms' activities in China'sshale gas business, based on company statements, industryofficials and media reports.

ConocoPhillips : in joint study agreement with Sinopec Group for block Qijiang insouthwestern Sichuan province. ConocoPhillips will carry outtwo-dimensional seismic survey and drill twowells.

In Aug 2010, was reported to be in advanced talks withPetroChina over the development of a 3,000 squarekilometres shale gas block between Chengdu, capital ofsouthwestern Sichuan province, and Chongqing municipality.

Royal Dutch Shell:Chief Executive Officer Peter Voser said in March that Shellwould enter "significant drilling season" this and next year atFushun block and also tight gas block Jinqiu, both in Sichuanprovince, to find the "sweet spots" for longer-term productionplan.

Shell would also focus in the next few year to bring downthe cost. "The more you drill, the more you'll get amanufacturing approach to your drilling operation," Voser said.

The company in March won China's approval for a shale gasproduction sharing contract to develop the Fushun block, whereindustry officials said early explorations at one well testeddaily gas output of 60,000-130,000 cubic metres. Total : Agreed in March with Sinopec Group to jointly study a shaleblock in Anhui province, and drill three wells. In March 2012, Total reached a preliminary agreement to form ajoint venture with Sinopec to hunt for shale gas, according to amedia report.

Eni:Joint study with CNPC agreed in March for the 2,000 square-kmRongchang block in Sichuan province. The block is locatedadjacent to Shell's Fushun block. The deal is connected withEni's sale of a 20-percent stake of an offshore Mozambique gasfield to CNPC for $4.21 billion.

Exxon Mobil :In July 2011, agreed to study with Sinopec a shale gas block in southwestern part of Sichuan. The block, Wuzhishan-Meigu, coversan area of 3,643 sq km.

Chevron :In April 2011, Chevron entered a joint study agreement toexplore for shale gas in Qiannan Basin in southwestern Guizhouprovince. It has started drilling the second and third wellsthis year, the company said.

Hess Corp :In July 2010, Hess entered a study pact with Sinopec Corp tolook at shale gas and oil potentials in Shengli oilfield in eastChina, China's second-largest crude oil producer. Also in ashale oil study in western Xinjiang region.

BP :In Jan 2010, Sinopec was reported in talks with BP overpotential cooperation in the exploration anddevelopment of a 2,000-square-kilometre shale gas block in Kailiin Guizhou province and a 1,000-square-kilometre block inHuangqia in the northern part of Jiangsu province.

Newfield Exploration:In Oct 2007, the Houston-based company agreed to jointlystudy with PetroChina shale gas resources at the Weiyuan fieldin the Sichuan basin in southwestern China. (Reporting by Chen Aizhu and Beijing newsroom)

More News
9 Apr 2024 07:51

BP expects rise in first-quarter upstream energy output

April 9 (Reuters) - BP said on Tuesday it expects first-quarter upstream production of both oil and gas as well as low-carbon energy to be higher than the previous three months.

Read more
9 Apr 2024 07:39

LONDON BRIEFING: HSBC sells Argentinian arm for USD550 million

(Alliance News) - Stocks in London are called to open lower on Tuesday, as investors nervously look ahead to US inflation data and the European Central Bank's latest interest rate decision.

Read more
9 Apr 2024 07:24

BP sees higher Q1 upstream production

(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.

Read more
5 Apr 2024 12:00

LONDON MARKET MIDDAY: Stocks drop on Israel-Iran tensions and Fed talk

(Alliance News) - Stock prices in London were firmly down at midday on Friday, as rising tensions between Israel and Iran alongside doubts around the timing of US interest rate cuts hurt investor sentiment.

Read more
5 Apr 2024 08:47

LONDON MARKET OPEN: Europe slumps on US rate worry and rising tensions

(Alliance News) - Stocks in Europe had a downbeat start to the day on Friday, with investors unnerved by rising geopolitical tensions and hawkish remarks from US central bankers.

Read more
4 Apr 2024 16:55

LONDON MARKET CLOSE: US initial jobless claims hotter than expected

(Alliance News) - Stock prices in London closed up on Thursday, as investors first digested words from US Federal Reserve Chair Jerome Powell overnight, before reacting to hotter-than-expected US initial jobless claims.

Read more
4 Apr 2024 11:58

LONDON MARKET MIDDAY: Stocks up as Fed chair calms some rate nerves

(Alliance News) - Stock prices in London were in the green on Thursday afternoon, with mining stocks powering the FTSE 100 higher, as investors digested words from Federal Reserve Chair Jerome Powell.

Read more
2 Apr 2024 23:07

Sector movers: Builders and REITS slip, geopolitics boost Big Oil and gold miners

(Sharecast News) - Personal Goods was at the bottom of the pile on the FTSE 350 at the start of the second quarter, as fashion retailer Burberry Group's shares fell back towards their five-year lows.

Read more
2 Apr 2024 16:57

LONDON MARKET CLOSE: Europe down after Easter holiday weekend

(Alliance News) - The FTSE 100 took a hit on Tuesday, after a boost from London's miners and oil firms were not enough to lift the index.

Read more
2 Apr 2024 15:22

London close: Stocks turn red on return from Easter break

(Sharecast News) - UK stocks experienced a downturn by the end of trading on Tuesday, as investors resumed activity following the extended weekend, with initial gains reversed by the close ahead of a week marked by a number of key economic data releases.

Read more
2 Apr 2024 11:00

Biden administration approves eighth US offshore wind project

WASHINGTON, April 2 (Reuters) - The U.S. Interior Department on Tuesday approved the country's eighth commercial-scale offshore wind project, which will be built off the coast of Massachusetts, bringing online electricity to power more than 900,000 homes.

Read more
2 Apr 2024 09:09

LONDON MARKET OPEN: FTSE 100 up as oil majors and gold miners shine

(Alliance News) - Stock prices in London opened higher on Tuesday, in confident trade following the long Easter weekend, ahead of a UK manufacturing sector reading later in the morning.

Read more
2 Apr 2024 08:55

European oil stocks gain on expectations for higher demand, supply concerns

Read more
28 Mar 2024 10:00

How the oil industry is thriving despite Joe Biden's climate policies

GRAPHIC on Biden's oil boom: https://www.reuters.com/graphics/USA-BIDEN/OIL/lgpdngrgkpo/

By Nichola Groom, Jarrett Renshaw

Read more
27 Mar 2024 20:59

New England offshore wind auction draws multiple bidders

March 27 (Reuters) -

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.