China to Promote Shale Gas Exploration13 Feb 2012
Wednesday, 15 February 2012 | 00:00
February 13, China will strengthen the survey and appraisal of shale gas this year to promote shale gas exploration as it aims to restructure its energy supplies, Wang Min, Vice Minister of the Ministry of Land and Resources told a national geological survey conference on Sunday.
The decision came after the recent approval from the State Council to list shale gas as an independent mineral resource, making the total number of mineral resources discovered in China to 172, the state-run Xinhua News reported.
According to Wang, China’s shale gas reserve is estimated at 31 trillion cubic meters, which is equivalent to the total amount of conventional natural gas.
China’s shale gas output will exceed 100 billion cubic meters by 2020 if developed properly.
“The large-scale production of shale gas will help ease China’s natural gas shortage and even help restructure its energy supplies,” Xinhua cited Wang as saying.
The land and resources ministry said in December last year that it would detail a range of supporting policies to attract diversified investment in shale gas exploration and actualize large-scale production.
Shale gas is a clean and high-efficient energy resource produced from shale through a hydraulic fracturing process.
Earlier this month, PetroChina Co. Ltd. (601857.SH, 0857.HK), has agreed to buy a 20 percent stake in Royal Dutch Shell Plc.’s Grounbirch shale gas project in Canada for 1 billion U.S. dollars.
PetroChina hopes to tap into the unconventional gas resource through cooperation with Shell.
Source: Business China
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