BP is set to become the latest international major to quit drilling for shale gas in China because of poor exploration drilling results so far, Reuters reported on Thursday, citing three sources with knowledge of the plans. Back in 2016, BP and China National Petroleum Corporation (CNPC) signed a production sharing contract (PSC) for shale gas exploration, development, and production in the Neijiang-Dazu block in the Sichuan Basin in southwestern China. Later in 2016, BP signed a second PSC deal with CNPC for shale gas exploration at Rong Chang Bei in the Sichuan Basin. However, poor results from shale gas drilling are now making BP withdraw from the projects, according to Reuters sources. BP joins other international oil and gas majors such as Shell, Eni, Exxon, and ConocoPhillips that have stopped drilling for shale gas in China, leaving the country’s shale gas sector predominantly in the hands of the […]