China's NDRC Approves CNPC JV to Explore Shale Oil

China's National Development and Reform Commission has approved a shale-oil exploration project between China National Petroleum Corp. and a foreign partner in the northwestern Xinjiang Uyghur autonomous region, Dow Jones reported citing a statement on planning body’s website. The project is located in Malang block in the Santanghu basin. 

CNPC-controlled PetroChina Co. was in talks with Royal Dutch Shell and Hess Corp. about forming a joint venture to develop shale oil in Santanghu, CNPC said in an in-house newsletter earlier this year, Dow Jones said.

China had an estimated 354 billion barrels of shale oil resources as of 2008, the World Energy Council said. However, China produced only about 7.6 million barrels of shale oil in 2008, it said.