For its part, PetroChina, the largest oil company in the China, will build a pipeline that will carry the gas to its designated markets of Beijing, Tianjin, Hebei and Shandong.
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Shell Decided To Give Money To China
International oil and gas giant Shell decided to make a major investment in China
International oil and gas giant Shell decided to make a major investment in China in result of long running negotiation of China?s PetroChina with Shell, on development of the Changbei field northwest China for sale to provinces and cities on the east.
Royal Dutch/Shell will invest $600 million over the course of the next few years to set up the venture, including drilling around 50 wells, and for operation costs, for which it has responsibility.
For its part, PetroChina, the largest oil company in the China, will build a pipeline that will carry the gas to its designated markets of Beijing, Tianjin, Hebei and Shandong.
Production from the Changbei field is projected to begin in 2007, while Shell hopes to be processing three billion cubic meters of gas a year by 2008. According to a joint release from the two companies, Shell will have rights to about half of the gas volumes produced from the Changbei project for a period of 20 years.
For its part, PetroChina, the largest oil company in the China, will build a pipeline that will carry the gas to its designated markets of Beijing, Tianjin, Hebei and Shandong.
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