Shell and China's CNPC sign 30-year gas discovery deal

[pampango]

Source: BBC

Royal Dutch Shell has strengthened its ties in China with a 30-year deal to explore for natural gas in the country. The Anglo-Dutch energy giant will partner China National Petroleum Corporation (CNPC) in the project.

The deal follows this week's joint bid with PetroChina, owned by CNPC, for Australia's Arrow Energy gas company. Shell has been expanding its search for gas assets rapidly, and the deal secures the company a strong presence in resource-hungry China.

It is thought that Shell is also considering investing in new oil refineries in China. "We're open to other discussions here if that will materialise," said Shell chief executive Peter Voser at a news conference in Beijing.

China is the world's second-largest oil and gas consumer after America, and has agreed a string of deals around the world to import resources.

Read more: http://news.bbc.co.uk/2/hi/business/8582538.stm

[NecklyTyler]

1. China is already one of the worst greenhouse gas emitters in the world

And now the Europeans and Shell seek to enable the Chinese to emmit even more greenhouse gasses. It is another case of money trumping the environment

[David__77]

2. Per capita, the US emits a lot more such gases.

China is going through its own industrial revolution, in a much cleaner way that than Britain in its era. China has the right to national development and if the rich countries want to do something, they should subsidize the use of clean technologies by developing countries.

[pampango]

3. Isn't natural gas one of the cleanest sources of energy in terms of greenhouse gases?

Here's a new article about China's importing of natural gas.

China signs multi-billion dollar Australian gas deal

http://news.bbc.co.uk/2/hi/business/8584669.stm

"China National Offshore Oil Corporation (CNOOC) has signed a multi-billion dollar deal with Australia's BG Group to buy millions of tonnes of gas.

Under the deal, which still need government approval, CNOOC will buy 3.6m tonnes of liquefied natural gas a year for the next 20 years.

Reports suggest the deal could be worth up to 80bn Australian dollars ($73bn; £49bn).

China's demand for gas is continuing to surge as its economy grows strongly."

[daleo]

4. It really ought to say "exploration deal"

A discovery deal implies that they have already discovered the natural gas.