The Annual Equipment of Pipeline and Oil &Gas Storage and Transportation Event
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RECENT progress made by China’s two oil majors in shale gas development suggested the country could meet its 2015 production target for the unconventional fuel.
China Petrochemical Corp, or Sinopec Group, this month signed an agreement with the government of Chongqing for an output capacity of 5 billion cubic meters per year by 2015 at its Fuling project in southwest China.
China National Petroleum Corp is ready to start commercial production with more wells being put into use at its main Changning-Weiyuan shale block in Sichuan Province, the Shanghai Securities News has reported.
The progress shows China, which is believed to sit on the world’s largest shale gas reserves, could meet its annual output target of 6.5 billion cubic meters by the end of next year, according to analysts. The official target was previously deemed difficult due to a lack of technological know-how and preferential policies as well as high costs.
Annual shale gas output was 200 million cubic meters in 2013, the Ministry of Land and Resources said.
Zhou Jiping, chairman of PetroChina Co, CNPC’s listed unit, also urged the government to improve subsidies to lure more private firms to help develop the unconventional fuel.
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