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BP, Sinopec Talk Shale Gas

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oil_barrel1 October 29, 2010 (Chinavestor) Sinopec (NYSE:SNP), Asia's largest refiner, said it is in talks with BP (NYSE:BP) to develop shale gas resources in China, the latest in a series of moves by China's oil giants to make efforts to develop more clean-energy resources to reduce China's massive pollution. The second-largest oil consumer in the world, China is the world's biggest polluter.

Sinopec (NYSE:SNP) already owns 42 shale blocks in eastern China. China's Ministry of Land and Resources said earlier this week that it will auction rights to six shale blocks within the next month. In addition to Sinopec (NYSE:SNP), PetroChina (NYSE:PTR), China's largest oil producer, and Cnooc (NYSE:CEO), the country's biggest offshore driller, are expected to make bids.

Chinese energy producers are looking to replicate the success of their U.S. counterparts in producing shale gas, which is extracted by using water and chemicals to break tight rock formations in a process known as fracking.

Sinopec (NYSE:SNP) declined to give further details on its potential partnership with BP (NYSE:BP), Europe's second-largest oil company, beyond confirming the companies are in talks.



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