China's Shale Turning Point?

摘要

Two recent pronouncements from Sinopec have revived optimism that China could defy the skeptics and not only meet, but exceed, its target of producing 6.5 billion cubic meters (630 million feet per day) of shale gas in2015(WGISep.25'13). The Chinese state giant, which appears to have seized the shale gas baton from rival China National Petroleum Corp. (CNPC), first claimed to have hoisted output at its Fuling shale gas block in the southwestern Sichuan Basin from 1.5 million cubic meters per day at the end of last year to 2.2 MMcm/d. Then, preempting Chinese Premier Li Keqiang's call for a "mixed ownership" economy, Sinopec Chairman Fu Chengyu said the company would invite private firms to participate right across its shale gas business, including in exploration, development, transmission and sales.