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.
"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.
From oil prices to bottlenecks and ballot battles to trade uncertainty, these news stories most defined the direction of oil and gas this year.
Enterprise Products Partners LP entered into an agreement with an Occidental Petroleum Corp. affiliate to jointly develop a new 150 million cubic feet per day cryogenic natural gas processing plant.