Shell, CNOOC Sign Global Strategic Alliance Agreement

Shell and China National Offshore Oil Corporation (CNOOC) have announced the signing of a Global Strategic Alliance Agreement that reconfirms both parties’ commitment to the existing strategic partnership in China and around the world.

Under the Agreement, the companies also commit to exploring potential cooperation opportunities in upstream, midstream and downstream. The Agreement was signed by Royal Dutch Shell Chairman Jorma Ollila and CNOOC Chairman Wang Yilin. Chinese Premier Li Keqiang, who is on an official visit to London, and British Prime Minister David Cameron witnessed the signing of the Agreement.

“We are delighted to see our strategic partnership with Shell taking a step further under the Agreement. It is another milestone for our already fruitful, mutual-beneficial cooperation. I look forward to deeper and more extensive cooperation with Shell,” said CNOOC Chairman Wang Yilin.

Shell and CNOOC have enjoyed an excellent partnership in and outside China in both upstream and downstream projects including offshore Yinggehai off Hainan Island and a successful petrochemicals joint venture in Huizhou, Guangdong province. The parties are also working together in liquefied natural gas (LNG) projects and upstream deepwater projects including in Gabon and Brazil among others.

“We are very happy to reconfirm our commitment to the Shell-CNOOC strategic partnership that has borne many fruits. We are committed to growing business together with CNOOC and other Chinese partners and cooperating with them internationally to bring more and cleaner energy to China,” commented Shell’s CEO Ben van Beurden.