Shell, China Petroleum Agree on Joint Venture
Shell and China National Petroleum Company (CNPC) today signed a Global Alliance Agreement emphasizing their shared intent to pursue mutually beneficial cooperation opportunities internationally as well as in China. The two parties also signed a Shareholders Agreement to establish a Well Manufacturing joint venture (50% CNPC and 50% Shell) subject to further corporate and government approvals. It is intended that the joint venture will develop an innovative, highly automated Well Manufacturing System (WMS) that could significantly improve the efficiency of drilling and completing new wells onshore. The details of the parties’ respective contributions to the joint venture will be agreed during the transition phase over the coming months.
MMS Finds No Current Interest In Proposed Sale
MMS received no request to continue the sale process for exploring Norton Basin for oil and gas in its first Call for Information for the area that closed on April 22nd. “We didn’t expect much interest from companies at this time,” said MMS Regional Director John Goll. “This first Call for Information got the idea of a small focused sale out to the companies. The areas off Western Alaska are largely unexplored and have no developed infrastructure for supporting oil and gas exploration. They may contain substantial natural gas resources that could be used for local communities, as well export. “WE heard from communities, such as Nome, on St. Lawrence Island, and in the Yukon Delta, that they would like to see new energy sources to improve their economic outlook.
