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Chevron, PetroChina Butt Heads Over China Gas Field Development
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Chevron's $6.4 billion gas project will see continued delays over disagreements with its partner, PetroChina, over how to develop the challenging fields, according to a report by Reuters.
The project, Chuandongbei, is Chevron's largest investment in China. Due to this most recent delay, the first gas is not expected until the second half of 2014. Chevron initially signed a 30-year deal with PetroChina to produce 7.6 billion cubic meters of gas a year seven years ago. Chevron is the operator and holds a 49 percent stake, the rest allocated to PetroChina.
This latest report follows a series of delays for the Chuandongbei project. PetroChina expected first gas to be delivered in 2010, and CNPC announced four months ago that production would start by the end of 2013.
Chuandongbei is a sour…
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