Shell making inroads in China
Europe's biggest oil company, Royal Dutch Shell, has announced a raft of new tie ups with Chinese partners as it bids to increase its exposure to Asia.
Europe's biggest oil company, Royal Dutch Shell, has announced a raft of new tie ups with Chinese partners as it bids to increase its exposure to Asia.
Shell has agreed on two offshore oil and gas production sharing contracts (PSCs) with CNOOC, the Chinese National Offshore Oil Company.
The PSCs are for two blocks in the Yinggehai Basin. Shell, as operator, will hold a 100% working interest during the exploration phase which will be reduced to 49% in any eventual development phase, with CNOOC as majority partner.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
CNOOC will also buy a 25% stake in a Shell project offshore Gabon.
The company has also signed a PSC amendment with another Chinese outfit, CNPC for a new phase in an existing gas project in the Changbei block, onshore China.
Shell shares were up 1.2% at 13:02
BS
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
The best properties for sale for around £500,000
Properties for sale for around £500k – from a Grade II-listed former rectory in County Durham to an early 19th-century chateau in southwest France.
By Natasha Langan Published
-
M&S recovery has momentum: will it stick?
After years of decline, M&S seems to have turned a corner. But is this just a “dead cat bounce”?
By Dr Matthew Partridge Published