BP today announced that it has signed a second production sharing contract (PSC) for shale gas exploration, development and production with China National Petroleum Corporation (CNPC).
According to the official website of BP, the PSC, signed on 27th July, covers an area of approximately 1,000 square kilometres at Rong Chang Bei in the Sichuan Basin. In March 2016, BP and CNPC signed their first shale gas PSC on the adjoining Neijiang-Dazu block. As with the earlier contract, CNPC will operate the Rong Chang Bei PSC.
"We are pleased to be making further progress in our strategic partnership with CNPC and deepening our business in China. This second shale gas PSC in China builds on the successful cooperation we are already seeing with the Neijiang-Dazu PSC signed in March," said Bob Dudley, BP Group Chief Executive.