BP signs second Chinese shale gas PSC

BP recently signed a second production sharing contract (PSC) for shale gas exploration, development and production with China National Petroleum Corporation (CNPC). The PSC covers an area of approximately 1,000 sq km at Rong Chang Bei in the Sichuan Basin. In March 2016, BP and CNPC signed their first shale gas PSC on the adjoining Neijiang-Dazu block. As with the earlier contract, CNPC will operate the Rong Chang Bei PSC.