CNPC and Hess sign mainland shale gas deal

The two companies have agreed a production sharing deal to exploit shale resources in northwest China.
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CNPC, parent of PetroChina, is the country's biggest energy company
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<div style="text-align: left;"> CNPC, parent of PetroChina, is the country's biggest energy company </div>

China National Petroleum Corp has signed a production-sharing agreement with Hess, a US energy company, to jointly develop unconventional gas reserves in northwest China.

Hess will provide expertise gained from its experience in North Dakota’s shale formations to help CNPC, the parent company of PetroChina, to drill the Malang block in the Santanghu Basin in Xinjiang. The two companies have already studied the 800-square-kilometre area and their agreement is the first for a shale resource in China.

Other Chinese oil and gas companies are also exploring the possibility of developing shale as a new source of energy for the country to exploit. The promise is...

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