Join        Login             Stock Quote

Chevron buys Chinese gas acreage

Thursday, January 17, 2013 8:15 AM

SAN RAMON, Calif., Jan. 17 (UPI) -- Exploring new blocks acquired by a Chevron subsidiary in China will help the company expand its regional natural gas footprint, an executive said.

Chevron China Co. announced it entered into production sharing contracts with China National Offshore Oil Corp. to explore blocks 15/10 and 15/28 in the Pearl River Mouth basin in the South China Sea.

"Exploration of these blocks builds on our strategy to grow our business across the Asia Pacific region, where we are developing liquefied natural gas, deepwater, shale and sour gas resources," said George Kirkland, vice chairman of Chevron Corp., in a statement.

Chevron serves as the operator of the two shallow water blocks that cover an area of about 2,233 square miles.

The Chinese Ministry of Land Resources last month announced that 83 companies competed for 20 blocks in the country's latest shale gas auction. Chinese shale may be located in parts of the country were infrastructure development is complex, however.

For shale and other unconventional sources of natural gas, China aims to prove explorable reserves of around 7 trillion cubic feet by 2015.

(Source: UPI )
(Source: Quotemedia)


Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.