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China NDRC approves CNPC and foreign joint venture for shale oil project in Xinjiang

BY WAYNE MA

BEIJING -- China' s top economic planning body has approved a shale oil exploration project between CNPC and a foreign partner in the northwestern Xinjiang Uyghur autonomous region, it said on its website.

The National Development and Reform Commission (NDRC) approved the project in November. It didn' t name the foreign company involved in the joint venture, which is located in the Malang block in the Santanghu basin.

CNPC controlled PetroChina was in talks with Shell and Hess about forming a joint venture to develop shale oil in Santanghu, CNPC said in an in house newsletter earlier this year. The Turpan Hami oilfield, a unit of PetroChina, had received approval to develop shale oil in Santanghu with two companies, it said, quoting a company official. Although the foreign companies would assume all investment and exploration risk for shale oil, all the parties in the joint venture would invest in developing shale oil, CNPC said, without elaborating.

China had an estimated 354 Bbo of shale oil resources as of 2008, the World Energy Council said. However, China produced only about 7.6 MMbod of shale oil since 2008, it said.

Dow Jones Newswires

12/11/2012

 

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