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Royal Dutch Shell Signs Pact With CNPC For A Well Manufacturing JV

LONDON (Dow Jones)–Royal Dutch Shell PLC (RDSA.LN) and China National Petroleum Company or CNPC, announced Monday a Global Alliance agreement emphasizing their shared intent to pursue mutually beneficial cooperation opportunities internationally as well as in China.

MAIN FACTS:

-The two parties also signed a Shareholders agreement to establish a Well Manufacturing joint venture (50% CNPC and 50% Shell) subject to further corporate and government approvals.

-It is intended that the joint venture will develop an innovative, highly automated Well Manufacturing System that could significantly improve the efficiency of drilling and completing new wells onshore.

-The details of the parties’ respective contributions to the joint venture will be agreed during the transition phase over the coming months.

-Royal Dutch Shell Shares at 1051 GMT down 19.5 pence, or 1.0%, at 2102.0 pence.

-By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected]

SOURCE

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