CNPC, Chevron ink Sichuan gas field development deal

China National Petroleum Corp (CNPC) and US oil major Chevron have signed an agreement to jointly develop a gas field in the northeast of Sichuan province, which would be China's biggest onshore exploration venture with a foreign company, CNPC said yesterday.

The National Development and Reform Commission (NDRC), China's top economic planning body, on Oct 29 granted approval to the two companies to develop the Luojiazhai field, CNPC said in a statement yesterday.

CNPC and Chevron will accelerate development of the field to ease energy shortages in Sichuan, said the statement.