Breitling eyes 'China shale gas tie-up'

Golden fuel: China is looking to tap its huge reserves of shale gas

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By Steve Marshall & News reports

 08 December 2011 12:34 GMT

US independent Breitling Oil & Gas is reported to be talking with a Chinese oil company on joint exploration of shale gas in China.

Irving, Texas-based Breitling is looking to gain a stake in any assets that the Chinese player, which was not named, acquires in an auction this month of shale gas blocks in China, its chief executive Chris Faulkner told Bloomberg on Thursday.

“We are eyeing a minority stake – 25% will be ideal,” he said, adding that “negotiations have been going on for an entire year”.

It comes after a joint venture of PetroChina and Shell earlier this week reported the first discovery of shale gas in the People’s Republic on the Fushun-Yongchuan block…

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