Shale exploration making great strides
September 22, 2014 Category Petrochemicals, Weekly
China has made great progress in shale gas exploration with about 400 wells drilled as of July, and production this year is estimated at 1.5 billion cubic meters. As of July, about CNY20 billion had been invested to find and develop shale gas resources, mainly in the Sichuan Basin, according to the Ministry of Land and Resources. Shale gas reserves are expected to hit 500 BCM, distributed over 170,000 square kilometers, it said. “To accelerate shale gas exploration, the Ministry is preparing for the third shale gas auction and encouraging more private investors to enter the field,” Che Changbo, Deputy Director of the Ministry’s Geological Exploration Department, said at a news conference in Beijing. China has held two auctions of shale blocks since 2011. Exploration rights for 21 blocks were awarded to oil companies and private investors. Peng Qiming, Director of the Geological Exploration Department, said the winners had invested more than CNY2 billion in exploring these blocks since 2013. China’s initial goal of producing 60 to 100 BCM annually by 2020 has been cut to 30 BCM. Che said “complex geological structures and high costs” are hindering exploration and production.
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