BP has doubled down on its commitment to shale gas in China by striking a second exploration deal with China National Petroleum Corporation.
The agreement, covering a 1,000 sq km area of Sichuan province in south-west China, sets BP apart from rivals such as Royal Dutch Shell and ConocoPhillips, which have backed away from investments in Chinese shale gas.
Analysts say the high cost of shale exploration in China has made it vulnerable to deep cuts in capital expenditure by energy companies in a period of protractedly low oil prices. However, BP is eager for new resources after a period of retrenchment since the disastrous Deepwater Horizon oil spill in 2010.
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