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ConocoPhillips Halts China Shale Gas Talks with PetroChina
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ConocoPhillips has halted discussions with PetroChina in regard to shale gas development in China's Sichuan Province, according to a report by Bloomberg.
The company made the decision after a two-year study into the commerciality of the country's shale gas reserves. The initial project hit a roadblock in late 2013 when it was reported that Conoco and PetroChina disagreed on how to properly develop the fields.
In an emailed response to questions, ConocoPhillips' China unit commented: "The right commercial decision was to halt further discussions on this block."
The company did not respond to inquiries for further comment.
This comes shortly after CNPC announced a tight oil discovery in Changquing Field.
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