LNG

March 21 (LNGJ) - China National Petroleum Corporation (CNPC) and Royal Dutch Shell signed a Production Sharing Contract (PSC) for shale gas exploration, development and production in the Fushun-Yongchuan block in the Sichuan Basin, China. Subject to government approval, this is the first shale gas PSC ever signed in China. The contract area covers around 3,500 square kilometres. Zhao Zhengzhang, Vice President of PetroChina Co., and Lim Haw-Kuang, Executive Chairman of Shell Companies in China, signed the PSC at a ceremony in Beijing. Jiang Jiemin, Chairman of CNPC, and Peter Voser, Chief Executive Shell, witnessed the signing, a statement said. "We are delighted about this new milestone in our strategic cooperation with CNPC," said Voser. "China has huge shale gas potential and we are committed to making a contribution in bringing that potential into reality."