BP says to sign $20bn gas supply contract with China

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Oil and Gas News

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BP says to sign $20bn gas supply contract with China
by Staff Writers
Moscow (AFP) June 17, 2014

Protest target Cuadrilla Resources submits plans for fracking operations
London (UPI) Jun 17, 2013 - British shale pioneer Cuadrilla Resources said it submitted an application to use hydraulic fracturing at up to four exploration sites in Lancashire County.

The company submitted its plans Monday for exploration work at the Roseacre Wood shale exploration site to county officials in Lancashire. The company plans to drill four exploration wells at the site and its planning application includes an environmental impact assessment.

CEO Francis Egan said the application would be an "important milestone" for British shale when the company announced its intent to submit plans to Lancashire officials in early May,

Cuadrilla said there may be as much as 200 trillion cubic feet of shale natural gas in the Bowland basin in Lancashire.

The company said Lancashire County officials will open the application to a public vetting period.

"We anticipate that the application to [Lancashire officials] will be decided within a 16-week determination period," it said.

The company was the target of major demonstrations last summer when exploratory operations in the southern village of Balcombe were viewed as a prelude to fracking. The controversial drilling practice wasn't carried out at the site.

British energy giant BP will sign a long-term deal with Chinese state-owned peer CNOOC in London on Tuesday to supply China with liquefied natural gas, BP chief executive Bob Dudley said.

The LNG deal, worth around $20 billion (14.75 billion euros) over 20 years, will be signed in front of Prime Minister David Cameron and Premier Li Keqiang during the Chinese leader's three-day visit to Britain, Dudley said on the sidelines of an oil conference in Moscow.

"BP will be signing an agreement today in front of the Chinese premier and David Cameron in agreement with CNOOC," Dudley told reporters at the World Petroleum Congress.

"The project has a value over the term of the contract of around $20 billion."

"It's a 20-year supply agreement of LNG to CNOOC to take it into southeast China. It is a big deal, a fair price for them, a fair price for us... and a good bridge between the UK and China in terms of trade," he said.

British media reported that Royal Dutch Shell would also be signing a deal with CNOOC on Tuesday.

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