BP latest oil major to exit China’s shale gas after poor drilling results GlobeBusiness
European oil major BP plans to exit from two production sharing contracts for projects drilling for shale gas in the southwestern Chinese province of Sichuan, three sources with the knowledge of the matter said this week.
BP no longer wants to proceed with the Sichuan projects after drilling eight to 10 wells with disappointing results, two of the three sources said. With BP and the other oil majors gone, PetroChina Co , CNPC’s listed arm, and Sinopec Corp are likely to dominate China’s shale gas sector using low-cost technology and services developed domestically.
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