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.
Production from Egypt’s Giza and Fayoum gas fields, part of BP’s West Nile Delta Development, will jump to 700 million cubic feet per day (MMcf/d) by April as the country returns to gas export markets, its petroleum minister said on Feb. 11.
"Unlike Saudi Arabia and Russia, which adjust their output in response to gluts or shortages in oil supplies, the U.S. shale market responds purely to oil prices," BP CEO Bob Dudley said at an industry event.
Origin Energy said in a statement that it would remain responsible for the development of Ironbark, which is an onshore coal seam gas development in Australia.