China National Oil and Gas Exploration and Development Co. (CNODC) has signed a binding agreement with Russia’s Novatek to buy a 10% stake in the Arctic LNG 2 project, Novatek said on April 25.
CNODC is a subsidiary of China National Petroleum Corp. (CNPC).
“The agreement is an important milestone in our Arctic LNG 2 project implementation as well as a continuation of our successful cooperation with CNPC,” Novatek's CEO Leonid Mikhelson said in a statement.
The U.S. has become the world's largest oil producer, boosted by output from shale formations, with production of nearly 11 million barrels in 2018, which broke the country's annual record set in 1970.
Los Angeles Mayor Eric Garcetti said Feb. 11 the city is abandoning a plan to spend billions of dollars rebuilding three natural gas power plants along the coast.
Japanese energy explorer Inpex Corp. on Feb. 12 boosted its full-year net profit forecast by 37%, citing a larger-than-expected contribution from its Ichthys liquefied natural gas (LNG) project in Australia.