Exxon Mobil (XOM.NYSE) is in negotiations with Chinese oil companies over joint development of oil and gas projects inside and outside the country, Reuters reported. Mark Albers, the Exxon senior vice president who heads up the firm’s exploration and production business, said talks were at an advanced stage with China National Petroleum Corp (PetroChina; PTR.NYSE, 601857.SH, 0857.HK) and China Petroleum and Chemical Corp (Sinopec; SNP.NYSE, 600028.SH, 0386.HK) and at an initial stage with China National Offshore Oil Corp (CNOOC; CEO.NYSE, 0883.HK). Projects under discussion range from those in early exploration to others at development stage, and include unconventional energy sources. Albers added that he was encouraged by China’s recent gas price reforms. Of the Chinese oil giants, PetroChina has already established partnerships with foreign players, teaming up with Royal Dutch Shell (RDS.NYSE, RDS.LSE, RDS.Euronext) in the acquisition of Australian gas firm Arrow Energy Corp and with BP (BP.NYSE, BP.LSE) to develop Iraq’s oilfields.
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