Dow Jones Newswires First to Report on Shell and China's Iraq Oil Plans
April 29 2009 - 10:26AM
PR Newswire (US)
- Dow Jones Says Shell and Two China State-Owned Oil Companies are
in Negotiations for Equity Stakes in Venture - NEW YORK, April 29
/PRNewswire/ -- On April 13, 2009, Dow Jones reported that Royal
Dutch Shell PLC is in advanced talks with China National Petroleum
Corp. (CNPC), the parent of Hong Kong-listed PetroChina Co., and
China Petrochemical Corp., the parent of listed company China
Petroleum & Chemical Corp., on a possible joint bid to develop
the Kirkuk oil field in northern Iraq. This news provided an
indication that China may be ready to trade access to its own
domestic energy reserves in exchange for expertise gained from
international oil majors in bidding for, and operating, major
foreign energy projects. The Dow Jones article said that in return
for taking CNPC along in Iraq's landmark first postwar bidding for
development service contracts in Iraq's huge and under-developed
oil and gas fields, Shell hopes to gain CNPC's approval for a
production-sharing contract for the Jinqiu gas field in China's
southwestern Sichuan province. The news, unmatched by rival news
organizations Thomson Reuters and Bloomberg on April 13, later ran
in The Wall Street Journal. At a press conference in Beijing on
April 14, Shell CEO Jeroen van der Veer confirmed that Shell is in
talks with Chinese oil companies on a joint bid to develop an oil
field in Iraq. More than 435,000 financial professionals in 66
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