2011-06-28-2011-06-20

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
MM
Description

To create JV to develop an well-manufacturing system to improve the efficiency of drilling and completing new wells onshore.

Royal Dutch Shell Plc, The Hague, (NYSE: RDS) and Beijing, China-based national oil company China National Petroleum Co., has entered a global alliance agreement to pursue cooperation opportunities internationally and in China.

The two companies also signed a shareholders agreement to establish a well-manufacturing joint venture (50% CNPC and 50% Shell) expected to develop an well-manufacturing system to improve the efficiency of drilling and completing new wells onshore.

Shell chief executive Peter Voser says, "CNPC and Shell are collaborating in a variety of projects globally with the aim of investing for profitable growth, and to meet the world's growing demand for cleaner, affordable energy."

The companies intend the joint venture to design equipment to drill and complete wells in a standardized and repeatable manner, using advanced automation techniques.