FINANCIAL NEWS

Shell, CNPC set to sign Qatar Block D pact

17 May 2010

(MENAFN) A Qatari official announced that Royal Dutch Shell and China National Petroleum Corp (CNPC) are expected to sign an exploration and production deal with Qatar Petroleum (QP) for Qatar Block D, Reuters reported.

Under the agreement, Shell would hold a 75 percent equity stake, and CNPC holding the remainder, the official said.

The 30-year deal includes a five-year exploration period. It covers onshore and offshore exploration for natural gas and its production in the block.

The signing ceremony has not been held yet.

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