Chinese Rig Builder Eyes Alternative Route to Shale Gas Success

摘要

China’s Honghua Group didn’t think much of the shale gas blocks offered in the country’s second-licensing round last year. Convinced it was headed down a blind alley, China’s top land rig builder, many of whose senior management used to work for state-controlled PetroChina, withdrew from the bidding process and -- in an about face from its previous policy of seeking to produce shale gas as an equity stakeholder -- decided to focus on providing exploration and development services to the winners instead.