PetroChina and partners seal gas deal
By Joyce Pan |
May 18, 2010, Tuesday
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Print Edition
Print Edition
PETROCHINA Co, the country's biggest oil producer, has signed an exploration and production agreement with Qatar Petroleum and Royal Dutch Shell Plc, according to a joint statement yesterday.
Under the pact, the partners will jointly explore for natural gas in Block D close to Ras Laffan, covering an area of 8,089 square kilometers onshore and offshore Qatar.
PetroChina will hold a 25 percent share and Shell will hold 75 percent.
If the exploration is a success, Shell and PetroChina will produce the natural gas under Qatar Petroleum's supervision. The Qatari firm will be the off-taker of any potential gas produced.
The agreement lasts 30 years and starts with a five-year First Exploration Period.
Under the pact, the partners will jointly explore for natural gas in Block D close to Ras Laffan, covering an area of 8,089 square kilometers onshore and offshore Qatar.
PetroChina will hold a 25 percent share and Shell will hold 75 percent.
If the exploration is a success, Shell and PetroChina will produce the natural gas under Qatar Petroleum's supervision. The Qatari firm will be the off-taker of any potential gas produced.
The agreement lasts 30 years and starts with a five-year First Exploration Period.
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