China Oil HBP to Bid for Shale Gas Prospecting Right

China Oil HBP Science & Technology Co., Ltd. (szse:002554) today announced that it decided to invest CNY 280 million in shale gas exploration.

The company has inked agreement on strategic cooperation with Geophysical Prospecting Company of SINOPEC Henan Petroleum Exploration Company (HNGPC) and geological prospecting company from Heilongjiang to jointly participate in bidding invitation for the prospecting right of shale gas kicked of by the Ministry of Land and Resources (MLR).

The announcement said that China Oil HBP will ease capital pressure and assure that the investment in shale gas will not affect its financial condition and normal operation by inviting investors and financing capitals by itself.