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PetroChina Cooperation with Hess to explore Crude oil in China
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PetroChina and Hess Corp will work with dense rock in the Daqing oil field, a formation that’s similar to the Bakken basin in North Dakota, where Hess is already exploring, said Hess spokesman Jay Wilson. Hess Corp., the fifth-biggest U.S. oil company, will explore for crude in China in cooperation with PetroChina Co.
China crude oil field may require horizontal drilling and hydraulic fracturing, which Hess uses in the U.S. New York-based Hess opened an office in Beijing earlier this year and is looking for additional exploration and production opportunities in cooperation with Beijing-based PetroChina and other companies, he said. “It’s a very fast-growing market for energy,” Wilson said. “We’re looking to leverage our Bakken experience and capability to grow our unconventional resource base globally.