BP PLC is reported to be planning to withdraw from its two production-sharing contracts covering exploration for natural gas in Sichuan basin shale (OGJ Online, Mar. 31, 2016).
Reuters reported the company’s exit from PSCs covering the Neijiang-Dazu and Rongchangbei blocks, both operated by China National Petroleum Co. It said sources blamed disappointing results from drilling.
BP signed both contracts in 2016. It was the last major international oil company with interests in Chinese shale gas.
The company declined to comment.