Well-placed industry officials said the company notified partner China National Petroleum Corporation (CNPC) that it will no longer continue with talks over converting a joint geological study agreement on Neijiang-Dazhu into a production sharing contract.
Sources said ConocoPhillips had concluded that initial studies showed the block’s limited commerciality did not meet its benchmark for development.
One source said the company will only channel its investments into priority projects considered commercially feasible.
ConocoPhillips
