RMB23 bln invested in China’s shale gas E&P in 2009-2014

Stockholm, June 10 (Greenpost) – China had registered 23 billion yuan of accumulated investment in shale gas exploration and development between 2009 and 2014, according to the latest report by China Geological Survey with the Ministry of Land and Resources (MLR).

China had 54 shale gas blocks with a total area of 170,000 square km, and 780 shale gas wells had been drilled by the end of 2014, according to the report.

Shale gas developers reported near 500 billion cubic meters of shale gas geological reserves by the end of 2014, including 106.75 billion cubic meters of proven geological shale gas reserves by Sinopec Corporation.

By end-2014, China had 3.2 billion cubic meters of shale gas production capacity with accumulated shale gas output at 1.5 billion cubic meters and 1.3 billion cubic meters of shale gas output in 2014.

In 2015, the MLR would spend 680 million yuan in shale gas survey to guarantee realizing shale gas output targets. China aims to produce 6.5 billion cubic meters and 30 billion cubic meters of shale gas in 2015 and 2020, respectively.

In 2015-2020, China Geological Survey would execute a plan of conducting geological surveys on onshore energy and minerals and carry out a geological survey of shale gas in south China.

China Geological Survey plans to locate 80-100 prospective areas of shale gas and put 100-120 shale favourable gas areas as target regions for shale gas developers. (Edited by Liu Yanan, liuyn@xinhua.org)

Source Xinhua