BP announced on Thursday that it has signed a second production-sharing contract for shale gas exploration, development and production with China National Petroleum Corp (CNPC), according to a statement the company sent to the Global Times on Thursday.
The production-sharing contract was signed on July 27 this year. It covers an area of approximately 1,000 square kilometers at Rong Chang Bei in the -Sichuan Basin, Southwest China's Sichuan -Province. In March 2016, BP and CNPC signed their first shale gas contract.
"CNPC and BP's existing cooperation covers various areas including upstream and retail business in China, overseas upstream exploration and development and international trading," CNPC Chairman Wang Yilin said, according to the statement.
"By leveraging the parties' complementary advantages, CNPC and BP will jointly realize the efficient development of unconventional resources," Wang said.
China plays an important role in the transformation of the global energy mix , BP said in the statement.
