The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> Media & Partner > Exhibition News

PetroChina Stake in Shell Shale Gas Development Boosts LNG Export Plans

Pubdate:2012-02-07 10:31 Source:zhanghaiyan Click:

PetroChina Co. Ltd.'s commitment to partner with Royal Dutch Shell PLC in a British Columbia shale gas play bolsters the business case for Shell's liquefied natural gas project proposed for Kitimat, B.C., with Asian partners.


With a large LNG importer signed up to fund the unlocking of shale gas supplies, Shell's development costs are reduced and the early stage Kitimat export concept is nudged closer to reality.


The two global energy superpowers confirmed Thursday that PetroChina had signed a binding agreement a day earlier to acquire a 20 per cent stake in Shell's wholly owned Groundbirch property in northeastern B.C., where Shell will remain operator. Neither company would disclose the price.


FinanceAsia reported that PetroChina was planning to pay more than $1 billion for the interest, citing market talk but not naming sources.


PetroChina, which controls about 80 per cent of China's gas supply and plans to grow natural gas imports dramatically in the coming years, is viewed as a key potential buyer of LNG from the proposed Shell project. The Anglo-Dutch supermajor and partners Korea Gas Corp., Mitsubishi Corp. and PetroChina parent company China National Petroleum Corp. bought a Kitimat marine terminal to stake their ground in an emerging LNG hub last October.


PetroChina's upstream investment was ``inevitable'' and likely matches the amount of gas the company plans to buy from a future Kitimat facility, said Hong Kong-based analyst Neil Beveridge, with Bernstein Research.


``For Shell, it gets an access in the Chinese market and for PetroChina, it gets an access to overseas reserves, which is a key part of the global strategy,'' Beveridge said. ``China is the fastest-growing large gas market in the world.''


Shell and other North American LNG proponents want to cash in on oil-linked prices Asian buyers will pay for liquefied natural gas, $12 or more per thousand cubic feet versus the less than $3 per mcf North American buyers are currently paying.


The PetroChina investment is a ``very significant'' development for the Shell LNG project, said Oppenheimer & Co. analyst Fadel Gheit, who covers Shell from New York.


Funding by PetroChina, the publicly traded arm of state-owned CNPC, allows Shell to justify drilling while gas prices are low.


``If you're an offtaker from these LNG facilities and you want gas to be ready by 2015 or 2017, you need to start drilling in the next year or two to make that happen,'' said Cameron Gingrich, a manager at Calgary gas consultancy Ziff Energy Group.


The deal marks the latest investment in Canada's energy sector by China, which has spent about $15 billion in Alberta's oilpatch alone, and comes ahead of Prime Minister Stephen Harper's trade visit next week to the Middle Kingdom - his second in less than a year.


PetroChina's Shell deal follows its recent agreement to acquire full ownership of the undeveloped MacKay River oilsands project from partner Athabasca Oil Sands Corp. Taken together, the company is stepping up its investment game against rival Chinese state-owned energy firms, said Wenran Jiang, associate political science professor at the University of Alberta.


"Sinopec has been leading the pack," Jiang said.


A $5.4-billion partnership agreement between PetroChina and gas producer Encana Corp. on B.C. shale gas development collapsed last year after the two couldn't agree on details.


Shell has revealed little about its LNG plans in Kitimat.


A nearby $4.7-billion Kitimat LNG proposal by Apache Corp., Encana Corp. and EOG Resources Inc. has regulatory approval for export and plans to begin output of 700 million cubic feet of gas per day in 2015. The National Energy Board awarded an export licence Thursday to a smaller nearby proposal by BC LNG Export Co-operative LLC, which plans to export 125 million cubic feet of gas per day as early as 2013.


CIBC World Markets analyst Andrew Potter predicted additional LNG export project announcements in North America during 2012 in a report this week, including investments from LNG importers in shale gas plays that would benefit producers suffering from low prices.


PetroChina indicated gas supplies at Groundbirch would serve existing Shell customers and future supplies could be earmarked for LNG export.


Shell is currently producing 180 million cubic feet of gas equivalent per day from 250 wells at Groundbirch, which the company acquired from Duvernay Oil Corp. in 2008.


``PetroChina hopes to gain experience in management and production in the exploration and development of unconventional natural gas through its co-operation with Shell,'' PetroChina spokesman Mao Zefeng said in an emailed statement. ``Furthermore, PetroChina hopes to achieve reasonable returns from the investment.''


Shell chief executive Peter Voser confirmed Thursday that the two companies had signed ``binding agreements,'' while announcing Shell's fourth quarter financial results to media in London.


PetroChina is partnered with Shell in Australia on coal bed methane gas development and a proposed LNG project. Shell also signed a global energy agreement with CNPC last year and is helping in early development of China's vast shale gas reserves with its technology.

主站蜘蛛池模板: 亚洲日产2021三区| 国产精品高清一区二区三区不卡 | 亚洲av永久无码精品天堂久久| 99久久久精品免费观看国产| 4480yy私人影院论| 毛片免费在线观看网站| 成人a毛片视频免费看| 国产在线一区二区视频| 久久综合香蕉国产蜜臀av| 2023天天操| 欧洲成人午夜精品无码区久久| 国产精品三级av及在线观看| 亚洲va无码va在线va天堂| 国色天香网在线| 日韩三级免费电影| 国产乱妇乱子视频在播放| 丰满少妇三级全黄| 韩国精品福利一区二区三区| 日本高清视频在线www色下载| 国产亚洲成AV人片在线观看导航| 久久久久亚洲av成人网人人软件| 黑冰女王踩踏视频免费专区| 日韩欧美综合视频| 国产乱理伦片a级在线观看| 中文字幕永久在线视频| 精品人妻伦一二三区久久| 故意打开双腿让翁公看| 午夜电影在线观看国产1区| yellow中文字幕在线高清| 狠狠干中文字幕| 国产精品自在线| 乱爱性全过程免费视频| 蜜桃视频在线观看免费网址入口| 成人欧美一区二区三区1314| 免费v片在线观看品善网| 91av国产精品| 欧美性高清在线视频| 国产成人亚洲综合色影视| 中文字幕无码精品亚洲资源网| 精品中文字幕乱码一区二区| 国内一级特黄女人精品毛片|