AFX Europe (Focus): Shell, PetroChina to invest 600 million usd developing Changbei natural gas field
17 May 2005
AMSTERDAM (AFX) – Royal Dutch/Shell Group and PetroChina Co Ltd said they have agreed to invest 600 mln usd developing the Changbei natural gas field in north China.
The field is located in Shaanxi Province and the Inner Mongolia Autonomous Region and is expected to deliver 3 bln cubic meters of gas per year by 2008, to the cities of Beijing, Shandong, Hebei and Tianjin.
Shell, which will be the operator of the project under a production sharing contract with PetroChina, today signed drilling and construction contracts for the field development.
Shell has entitlement to about 50 pct of gas volumes over the 20-year project lifetime. It has been discussing development of the project since signing a cooperation agreement with PetroChina in 1999.
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