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CNPC, Hess sign cooperation agreement for Xinjiang block

BY WAYNE MA

BEIJING -- China National Petroleum and Hess will develop an oil and gas block in northwest China, CNPC said.

The Malang block is in the Santanghu Basin in the Xinjiang Uighur Autonomous region, the country' s largest oil and gas producer said. No further details were provided.

Shale oil joint venture talks with Hess and one other foreign company started last year, CNPC said then.

The foreign partner would assume exploration risk and both would pay for production and development, CNPC said last year.

China' s National Development and Reform Commission approved in November a shale oil exploration project between CNPC and an unnamed foreign partner at the block.

Hess and CNPC' s listed unit PetroChina are studying improving output at the Daqing field and Hess and Sinopec, are studying shale oil and shale gas at the Shengli field, according to the United States company' s website.

Dow Jones Newswires

07/25/2013

 

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