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China's Sinopec says in talks with BP to develop shale gas
Beijing (AFP) Jan 19, 2010 China's Sinopec has said it is in talks with British oil giant BP to develop shale gas reserves, as Beijing tries to secure access to natural resources to fuel its fast-growing economy. Asia's largest oil refiner said talks with BP were proceeding "smoothly" and that any deal would help accelerate the development of its shale gas fields, according to an official newsletter posted on its website. Sinopec said the talks related to a 2,000-square-kilometre (770-square-mile) block in southwestern Guizhou province and a 1,000-square-kilometre block in eastern Jiangsu province. Further details were not provided in the newsletter posted Monday. BP China spokesman Michael Zhao said the company was in "discussions with Chinese companies concerning cooperation opportunities in exploiting potential unconventional resources in China," without naming specific companies. "BP does not comment on ongoing business development activities," Zhao told AFP in an email. China is seeking to develop shale gas reserves in an effort to tap cleaner energy sources to reduce its heavy reliance on coal and meet growing demand for power in the world's third-largest economy. The nation currently relies on coal for more than 70 percent of its energy but has set a target of generating 15 percent of its power from renewable sources -- mainly wind and water -- by 2020. In November, Royal Dutch Shell and China's top listed gas producer PetroChina signed an agreement to jointly develop shale gas resources in southwestern Sichuan province.
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