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.
U.S. energy firms this week added oil and natural gas rigs for the 11th time in 12 weeks as producers return to the wellpad even as most are cutting spending this year and next.
Ascent Resources and CNX Utica Shale completions, a Louisiana Austin Chalk venture plus two significant discoveries reported in Egypt top this week’s drilling activity highlights from around the world.
Agency is considering lower royalties; most GoM facilities are producing at less than 25% capacity.