In the presence of CNPC Chairman Wang Yilin and BP CEO Bob Dudley, a production sharing contract (PSC) for the Neijiang-Dazu shale gas block of Sichuan Basin was inked between CNPC and BP in Beijing. Mr. Wang Yilin had a meeting with Mr. Bod Dudley before attending the signing ceremony, and spoke highly of the cooperation results of the two sides under the tough situation brought by low oil prices.

The contract is BP's first shale gas PSC in China and covers an area of approximately 1,500 square kilometers. CNPC will be the operator for this project. The PSC is the first achievement under the strategic cooperation framework agreement which was signed between the two companies last October during the Chinese President Xi Jinping's state visit to the UK. In addition to unconventional resources, the framework agreement covers possible cooperation in fuel retailing ventures in China, oil products and LNG trading globally, and carbon emissions trading as well as sharing of knowledge around low carbon energy and management practices.

CNPC and BP have been cooperating in retailing business in China, upstream activities overseas, and international trading. In the future, the two companies will promote collaboration in technology, operational and subsurface techniques in unconventional resources.

About BP

BP (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.

About CNPC

CNPC is China's largest oil and gas producer and supplier, as well as one of the world's major oilfield service providers and a globally reputed contractor in engineering construction. With a presence in almost 70 countries, we are seeking an even greater international role. We provide energy in a profitable manner, and always attach great importance to our social and environmental responsibilities.​