Chevron to Partner With CNPC on Major Gas Project in China

Chevron Corporation today announced that its main Chinese subsidiary has signed a 30-year production-sharing contract with China National Petroleum Corporation (CNPC) for the joint development of the Chuandongbei natural gas area in central China. Chevron will take over the role of operator and hold a 49 percent participating interest and CNPC will hold a 51 percent interest in the project.