PetroChina signs cooperation agreement to explore shale gas in Chongqing

National flag of China
Source: DollarPhotoClub

Chinese state-owned oil and gas corporation China National Petroleum Corporation (CNPC), also known as PetroChina, signed strategic cooperation agreement with Chongqing Municipal Government on May 20th.

The agreement, which was signed for the 13th Five Year Plan Period, stipulates comprehensive cooperation between the two signatories in shale gas exploration and development, natural gas chemical industrial development, pilot structural reform on oil and gas, and construction of oil and gas sales network and natural gas pipeline network.

The objective of the agreement is to enhance oil and gas supply, facilitate the economic transformation and upgrading, and support the stable economic development in Chongqing.

A similar agreement was signed last month between the Chongqing Municipal Government and Sinopec, who later stated that it is aiming to produce 10 billion cubic meters (bcm) of shale gas by 2020 from its Chongqing field. The first phase of Sinopec’s Fuling shale gas field in Chongqing went into production last year.

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