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Exxon Mobil May Develop Natural Gas Field in China

(http://www.americanbankingnews.com)
Updated: 2010-08-03 09:54
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Exxon Mobil Corp.  is currently in negotiations with PetroChina Co to jointly explore and develop a natural gas block in the Ordos basin in Northern China, the Wall Street Journal reported on Friday.

If the negotiations are successful, Exxon Mobil’s entry into china would mark the entry of another major global entity into China’s large but undeveloped energy sector. The report said that negotiations have been taking place since early June and that the companies will likely sign a production-sharing contract and drill appraisal wells.

An official from PetroChina said that the company is interested in developing unconventional gas in China noting the recent success in the development of unconventional gas in the U.S. from shale. The official would not tell the WSJ whether or not talks with Exxon Mobil were under way, but that agreements with foreign partners would only be announced after the deal is complete.

Exxon Mobil is already well established in China’s refining sector, having partnerships with China Petroleum & Chemical Corp, Fuji’s provincial government and Saudi Aramco.

In early July, BP PLC agreed to cooperate with PetroChina to cooperate in coal-bed methane development in the area known as the Xinjiang Uighur Autonomous Region. Also, Sinopec will be working with BP in shale-gas resource assessment in China’s Guizhou and Jiangsu provinces.

Exxon Mobil Corporation (Exxon Mobil) is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. It also has interests in electric power generation facilities. The Company has several divisions and hundreds of affiliates with names that include ExxonMobil, Exxon, Esso or Mobil. Divisions and affiliated companies of ExxonMobil operate or market products in the United States and other countries of the world. Their principal business is energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of crude oil, natural gas and petroleum products. At December 31, 2009, approximately 7.5 billion oil-equivalent barrels (GOEB) of the Company’s reserves were classified as proved undeveloped, which represented 33% of the 23 GOEB reported in proved reserves.

Shares of Exxon Mobil traded down 1.09% hitting $59.68 during mid-day trading on Friday.
 

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