| 18-02-2008 News
from Shell reported that Shell China Exploration and Production Company Limited
has acquired a 55% equity interest in a coalbed methane venture in Shanxi Province
and will take over as operator. China's Ministry of Commerce recently approved
an agreement for Shell to acquire Verona Development Corporation's majority equity
position in a 30-year production-sharing contract covering the North Shilou block,
an area of 1,015 square kilometres in the eastern part of the Ordos Basin. Lim
Haw-Kuang, Executive Chairman of Shell Companies in China, said:"The North
Shilou PSC is another important step for the Shell Group in developing a significant
and long-term business in China and globally. We are very excited about this project
and look forward to working with our joint venture partners Verona and China United
Coalbed Methane Company. We are confident that our upstream technologies and expertise
can help unlock the vast potential of CBM in the country." This is Shell's
third upstream PSC venture in China, after the Xijiang offshore oil development
and Changbei.
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