Statoil Looking at Shale in China

Norway's Statoil, Europe's largest oil company, is looking to tap China's shale gas reserves, according to Statoil spokesperson Bjørn Otto Sverdrup.

Statoil and other oil giants are talking to China about shale gas projects, Sverdrup said.

Sverdrup gave little information about possible partners, but said Statoil is talking to Sinopec and studying China's offshore oil and gas resources.

China's Ministry of Land and Resources plans to accept bids for eight shale gas blocks in the first quarter of 2011, a source close to the matter said.

Statoil's first foreign investment in China was in the Lufeng 22-1 oilfield, in partnership with CNOOC, but the project is not seen as a great success.

Sverdrup said Statoil faces many competitors.

Source: china.org.cn