Kansas, Oklahoma, Texas Dist. 7B, 7C, 8, 8A, 9, 10
BP plans to exit from two production sharing contracts (PSC) for projects drilling for shale gas in the southwestern Chinese province of Sichuan, three sources with the knowledge of the matter said this week.
The Permian E&P with operations focused on the Midland Basin also replaced other members of its leadership teams that Approach Resources said will reduce nearly one-fifth of its corporate overhead.
An undisclosed company agreed to buy Callon’s position in the Ranger operating area, comprised of 9,850 net acres in the southern Midland Basin of the Permian.
Unlike shale gas resources, which are highly concentrated in Sichuan, most of China’s shale oil is trapped in eastern regions such as the Songliao and Bohai Rim basins.