CNPC acquires Syrian Shell subsidiary

China National Petroleum (PetroChina; PTR.NYSE, 601857.SH, 0857.HK), China’s primary petroleum producer, on Wednesday announced that it had acquired 35% of Syria Shell Petroleum Development (SSPD), a subsidiary of Royal Dutch Shell (RDS.A.NYSE, RDSA.LON), reported the AFP. SSPD has interests in three production licenses covering approximately 40 oil fields with a cumulative output of 23,000 barrels of oil per day in 2009. While the move strengthens partnership between Shell and PetroChina, the production of Syrian oil has fallen since the turn of the century, while natural gas production has risen. Shell, Qatar Petroleum and PetroChina also signed a 30-year cooperative agreement on Sunday to explore new gas reserves in the Persian Gulf.