PetroChina cooperates with Shell to exploit natural gas resources

PetroChina yesterday sent an email confirming that PetroChina had signed a new exploration and production-sharing agreement with Qatar Oil and Shell, under which the three parties would jointly explore and produce gas in Qatar.　　It is reported that the agreement is valid for 30, of which the first phase of exploration for 5 years, Shell as the operator will hold 75% of the stake, PetroChina holds a 25% stake. If exploration is successful, Shell and PetroChina will be able to exploit the gas under the supervision of Qatar's oil.　　Under the agreement, Qatar Oil will buy all the gas that may be produced in Block D. PetroChina said China is an important downstream market and PetroChina is keen to establish a partnership upstream with major resource countries such as Qatar.