US energy giant Chevron Corp has signed a 30-year product-sharing contract
US energy giant Chevron Corp has signed a 30-year product-sharing contract with China National Petroleum Corp to jointly develop a large gas field in southwestern China.
The gas block is the China's largest onshore exploration involving a foreign group, said a CNPC statement released Tuesday.
Under the terms, CNPC, the parent of China's largest oil producer PetroChina, will hold a 51 percent stake in the Chuandongbei gas block in Sichuan province while Chevron has the remaining 49 percent, it said.
The field has proven reserves of 175.97 billion cubic meters (6.2 trillion cubic feet).
"The signing of the contract demonstrates our worldwide focus on large-scale exploration and production projects, and our long-term strategy to grow our business in China," Dave O'Reilly, Chevron's chief executive said.