Home Favorites Chinese
Your location:Home - Enterprise News

China's first large-scale shale gas field found in Chongqing

Source:cqdbl  |  Article Keywords:  |  Views:838
State-owned Chinese oil and gas giant, Sinopec, announced Monday that its discovered a major shale gas field near Southwest China’s Chongqing. The Fu-Ling field has estimated reserves of 2.1 trillion cubic meters. It's also the first large-scale discovery of its kind in China. The discovery in Chongqing’s Fuling district means that China can enter into large-scale commercial development of shale gas much earlier than anticipated. Sinopec’s Chairman -- Fu Chengyu -- says 10 years can now be cut off from China’s planned development time for shale gas energy. "Our Fuling project, which will ultimately produce 10 billion cubic meters a year by 2017, will build shale gas capacity to 5 billion cubic meters a year by 2015." Fu Chenyu said. The discovery of the Fuling field means China’s official target for annual shale gas production, 6.5 billion cubic meters a year, will be easily surpassed. But Sinopec may be faced with a cash squeeze as it looks to develop the field. That’s because SinoPec’s major competitor, PetroChina, reportedly will seek private investment in order to help it get into shale gas production. Sinopec and state-owned PetroChina both cut their capital expenditures for 2014 from a year ago but analysts say Sinopec may have less flexibility on spending than its competitor. The reason for that is that PetroChina has a stronger balance sheet while Sinopec faces rising refining costs and weaker income from oil and gas production.
Close window】 【Print this pa】 【Favorite Pages
Member Center
Username:
Password:
News
News
Enterprise News
Contact
版权所有:重庆迪拜尔进出口公司 地址:重庆市渝中区五四路一号时代豪苑C座12-4
Copryrght(C)2010. All rights reserved. Tel: 0086-023-63727202
Fax: 0086-023-63811928 E-mail:cqdbl68@gmail.com   技术支持:重庆旗道科技
<