Norwegian Statoil in shale gas talks with China
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Norway's Statoil, Europe's largest oil company, is looking to tap China's shale gas reserves. |
Norway's Statoil, Europe's largest oil company, is looking to tap China's shale gas reserves, according to Statoil spokesperson Bj?rn Otto Sverdrup.
Statoil and other oil giants are talking to South Africa as well as China about shale gas projects, Sverdrup said.
Sverdrup gave little information about possible partners, but said Statoil is talking to Sinopec and studying China's offshore oil and gas resources.
Estimates suggest that global shale gas resources may be as high as 456 trillion cubic meters, distributed around North America, Central Asia, China, the Middle East, North Africa, Latin America and the former Soviet Union.
China's Ministry of Land and Resources plans to accept bids for eight shale gas blocks in the first quarter of 2011, a source close to the matter said.
Statoil's first foreign investment in China was in the Lufeng 22-1 oilfield, in partnership with CNOOC, but the project is not seen as a great success.
Sverdrup said Statoil faces many competitors.
China's business press carried the story above on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
