Shell Gets Shale Gas Deal in China (RDS-A, PTR, CVX, TOT, BP)
Oil supermajor Royal Dutch Shell plc (NYSE: RDS-A) announced that the company’s China subsidiary has signed a production sharing contract with China National Petroleum Corp. (CNPC), parent of publicly traded PetroChina Co. Ltd. (NYSE: PTR) to develop a shale gas…
Shell may be first, but Chevron Corp. (NYSE: CVX), Total SA (NYSE: TOT), and BP plc (NYSE: BP) have also joined with Chinese firms to search for shale gas. The US Geological Survey estimates that China has reserves of 1,275 trillion cubic feet, virtually none of which has been extracted yet.
Shell did not provide any financial details on the contract.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.