China National Petroleum Corp. (CNPC) and Royal Dutch Shell PLC have reached an agreement to deepen their strategic partnership by increasing cooperation in the development of both companies’ global projects.
The agreement—China Petroleum & Shell Global Cooperation Agreement—was signed by the two companies Apr. 8 in Beijing, according to CNPC.
Under the deal, CNPC and Shell have agreed, on a global scale, to strengthen long-term mutually beneficial cooperation in the development of unconventional resources, deep water, LNG, and other upstream and downstream businesses, according to CNPC.
Shell and CNPC previously signed a Global Alliance Agreement to jointly pursue opportunities internationally and in China. The two parties also signed an agreement to establish a well manufacturing joint venture (50% CNPC and 50% Shell) (OGJ Online, Mar. 20, 2012).