#China Set For Commercial Production Of #Shale #Gas By 2015
China is looking for a major boost in shale gas production and has set targets of 6.5 billion cubic metres (bcm) by 2015 and a further considerable ramp up to 80 bcm by 2020, Chinese news media reported. According to a report by China Securities Journal, the plan was devised by the National Energy Administration, which will disclose full details of the exploration and production targets in due course.
China, one of world’s largest consumers of energy remains a new entrant in the shale gas domain with no commercial production recorded till date. Furthermore, China offers no incentives to investors and firms looking for a foothold in the country’s now emerging nascent shale domain. The current production target by the country signals China’s urgent need to tackle the country’s booming energy consumption.
China National Petroleum Corporation’s (CNPC) oil and gas production and distribution arm PetroChina in August revealed that it is chasing a target of 1.5 bcm of shale gas by 2015.
>>Asian exploration and partnership opportunities will be discussed at the World Independent and Junior Oil & Gas Congress Asia, 29-30 HK
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