BP raises bet on Chinese shale in second CNPC deal

摘要

BP has further expanded its plans to help develop China's massive shale gas reserves signing a second production sharing contract with China's state-owned China National Petroleum Corporation. The new contract for an onshore shale gas block in the Sichuan Basin is BP's second in less than six months as it bets on China's future as key regional gas producer. It also comes as other oil majors have backed away from investment in Chinese shale gas deposits.