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Wednesday May 18, 02:01
Shell and PetroChina to start joint gas field development project
(by Helen Snow)

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Shell and PetroChina to start joint gas field development project
Royal Dutch Shell Group announced its determination to invest $600 million into developing an onshore gas field in China with PetroChina Co. that features the leadership foreign investment in the Chinese’s natural-gas sector.

The result of the cooperation between the Anglo-Dutch energy tycoon and China’s leader of oil industry is a production of natural gas from the Changbei field in northwest China for sale to provinces and cities to the east, said Shell’s executive director of gas and power Linda Cook.

Shell will provide a $600 million subsidiary during a few years to fund the costs for developing and operating the field. The gas production is expected to come into effect in 2007, after that the gas would be distributed to Beijing, Tianjin, Hebei and Shandong via a pipeline built by PetroChina. The Changbei project is said to have been handed to Chinese authorities for approval in November.

PetroChina confirmed the Shell’s announcement in a joint statement with Shell released Tuesday.
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