Estimated deposits of the shale gas in China are larger than in the US. The national program of the shale extraction is at a completion stage

 

Chinese government ascribes high importance to the commencement of the shale gas extraction and prepares a program of subsidising such operations. Such a declaration was made yesterday in Shanghai by Zhang Dawei, Deputy Head of the Strategic Research Centre at the Ministry of Land and Natural Resources. Soon, national program of the shale gas deposit exploitation is to be announced (…)

 

The largest Chinese companies in the industry, Cnooc and China Petrochemical Corp., called Sinopec, look for the access to technology through foreign acquisitions. In June, PetroChina established a joint venture with Royal Dutch Shell to increase the capacity of its drillings because it received the instruction from the government to complete the first shale extraction rig in China in 11 months. For the time being, China does not exploit that resource on commercial scale but by 2015 it intends to extract 6.5 billion cubic meters of gas per year and by 2020 already 80 billion cubic meters. (…)

 

 

 

Source: Parkiet, on page: 1, 2011-10-21, by: Jerzy Boćkowski