BP inks two energy deals with Chinese companies

China

BEIJING, October 22, 2015 – BP and state-owned China National Petroleum Corporation have entered into an agreement for the exploration of China’s Sichuan Basin, the UK company announced Wednesday. The two energy giants will partner to explore and produce shale gas in the region and will also co-operate on future Chinese fuel retail ventures.

The announcement came the same day that BP reported a multibillion-dollar LNG deal had been made with China Huadian Corporation. The sale and purchase agreement will see BP provide the state-owned power generator with up to 1 million tonnes of LNG each year. According to BP, the deal is worth up to $10 billion over the next two decades.

“This marks another long-term LNG supply deal between BP and Chinese buyers and it will play an important role in enhancing China’s energy diversification and supporting its economic growth. Not only does it strengthen China’s connections to BP and the UK as global trading partners, it also supports China’s commitment to improving its air quality and reducing its emissions through the use of lower carbon fuels,” BP Group chief executive Bob Dudley said in a statement.

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