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Will Chevron (CVX) Stock Be Helped by Start of PetroChina Gas Project?

NEW YORK (TheStreet) -- Shares of Chevron Corp. (CVX - Get Report) are decreasing by 0.49% to $81.73 on Monday morning, as its production project with PetroChina Co. (PTR) begins after signing the deal eight years ago.

The companies began production at an onshore natural gas field in southwest China at the end of December, China National Petroleum Corp., PetroChina's parent company, said on Monday, according to Reuters.

Well "A" in the Luojiazhai field started operating on December 30 and has a yearly production volume of 3 billion cubic meters of gas, according to the company.

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Luojiazhai is part of the $6.4 billion Chuanbeidong project, a sour gas development in the Sichuan basin, that has larger operational risk and higher standards for technical procedures because of its high level of hydrogen sulphide, Reuters added.

Chevron is an experienced sour gas developer with a 49% stake in the project, Reuters noted. PetroChina has the remaining stake.

Additionally, crude oil (WTI) is plunging...