As China demonstrates its political clout at the G20 summit in Seoul, the country continues to make headlines in economic and energy news as the China National Petroleum Company (CNPC) has made an agreement with Shell to develop oil sands. CNPC, the parent of PetroChina, reported that its president, Jiang Jiemin and Royal Dutch Shell Plc (NYSE:RDS.B)CEO Peter Voser signed a memorandum of agreement in Beijing on "integrated co-operation" of oil and gas projects in Canada and coal bed methane development in China.
Articles Tagged "cnpc"
Prices of light, sweet crude on the New York Mercantile Exchange are currently trading at half their peak hit in July last year. This has led some producers to postpone oil sands projects as they are capital-intensive and need crude futures above a certain threshold to be viable. US oil demand is also in the doldrums due to the global economic downturn, making it harder for producers to justify investments in new crude oil production. However, PetroChina has gone ahead with its investment in Canadian oil sands.