It is reported that China Petrochemical Corporation signed a cooperation agreement with the Shaanxi provincial government in Beijing on December 11.

According to the agreement, both parties will strengthen cooperation in six areas including accelerating the exploration and development of oil and natural gas in the Zhenba block in the southern part of Shaanxi province during the period of the 12th Five Year Plan.

According to a report, Sinopec Group started the exploration of the Zhenba block since 2005. The block is expected to have natural gas reserves exceeding 330 billion cubic meters.

The agreement includes the development of the Daniudi gas field, capacity expansion for the Xi’an branch of Sinopec Group and to support Sinopec to establish its gas sales network in Shaanxi province.

(Sourced from eeo.com.cn)