Shell, CNPC Partner Up

摘要

Royal Dutch Shell and China National Pe-troleum Corp. (CNPC) said on Monday theyare to set up a joint well “manufacturing”company, and that they will pursue projectstogether in China and elsewhere.The joint venture, in which each companywill own 50%, aims to develop a highly au-tomated well manufacturing system to im-prove the efficiency of onshore drilling andcompletion of new wells, Shell said. Detailsof the companies’ contributions to the ven-ture were not disclosed, and will be agreedupon in the coming months. The venture isexpected to source most of its rigs, servicesand drilling equipment from low-cost sup-pliers in China, which could unlock sub-stantial gas resources “cost-efficiently, andon a large scale,” Shell said.