PetroChina Hikes 2014 Shale Gas Spending To $1.6 Bln

World Energy News
Friday, April 18, 2014
(Source: PetroChina)
Chinese state energy giant PetroChina plans to spend more than 10 billion yuan ($1.6 billion) on shale gas this year, more than triple its expenditures on the unconventional fuel over the past few years, two sources with knowledge of the matter said.
 
PetroChina's decision to dramatically hike its shale gas spending comes just months after local rival Sinopec Corp lifted hopes that China is near a breakthrough by announcing a commercial find.
 
PetroChina, Asia's largest oil and gas producer, has also lifted its 2015 shale gas output target to 2.6 billion cubic metres (bcm), up from the previous 1.5 bcm, according to a company official and a government source.
 
That would represent only about 2 percent of China's total natural gas output of around 113 bcm last year.
 
"PetroChina wants to play catch up after Sinopec's success," said a government source who has been briefed on PetroChina's plans.
 
Since around 2010, PetroChina has spent about 3 billion yuan ($482.39 million) total on pilot shale drilling, according to both sources.
 
Faced with high drilling costs and the complexity of tapping shale gas, China has struggled in its bid to revolutionise its energy supplies. The top energy consumer wants to unlock what could be the world's largest shale gas reserves by emulating the hectic exploration and production of the U.S. shale boom.
 
The government official said PetroChina will focus on two pilot zones - Weiyuan-Changning in southwest Sichuan basin and Zhaotong in Yunnan province.
 
Sinopec's shale work has been concentrated in the Fuling area of Chongqing municipality in southwest China, also part of the Sichuan basin, one of the most promising geological zones for the unconventional fuel. Sinopec has drilled nearly 30 pilot shale gas wells in the Fuling area.
 
PetroChina has so far largely focused on growing its conventional oil and gas portfolio.
 
($1 = 6.2190 Chinese Yuan)
 
(Reporting by Chen Aizhu; Editing by Tom Hogue)
 
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Russia's Shipping Major Reports Strong 1H 2014

OAO Sovcomflot (SCF Group), Russia’s largest shipping company and a global leader in seaborne energy transportation and offshore services, has announced its financial

Tankship-specific Version of FindaportCD Released

Harbour & terminal information providers, Shipping Guides Ltd, says its latest tanker-specific  addition enables customers to access the most comprehensive port

Navy Unmanned Aircraft Sets the Bar

The Navy's X-47B unmanned aircraft has completed its final test aboard 'USS Theodore Roosevelt' (CVN 71) and has returned to its home base at Naval Air Station Patuxent River after eight days at sea
,

Energy

Nanotechnology & Big Data: New Review

A report commissioned by the Lloyd’s Register Foundation, reviewing the potential implications of nanotechnology on the safety and performance of engineering assets

Bulk Equipment is Delivered to Syzran Refinery

A reactor and a cold high-pressure separator is delivered to the site of Rosneft subsidiary Syzran Refinery for the constructed diesel hydro-treater. The unit

Achinsk Refinery Resumes Operation on Tight Schedule

Achinsk Oil refinery, suspended after the incident of June 15, 2014 has recovered the processes of primary crude oil processing on a tight schedule, according to the plan of repair activities.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1123 sec (9 req/sec)