08 July 2011 06:35 [Source: ICIS news]
GUANGZHOU (ICIS)--China’s oil major Sinopec has won a bid to explore shale gas resources at the Nanchuan block in the Chongqing municipality and in Guizhou province, a source familiar with the project said on Friday.
The Nanchuan shale gas block covers an area of 2,198 square kilometres.
Shale gas is natural gas produced from shale.
China does not have an established technology to develop shale gas, having started research only six years ago.
The country has an estimated shale gas reserve of 3,000-10,000bn cubic metres (cbm), with a recoverable volume of around 2,600bn cbm, according to an official from the country’s Ministry of Land and Resources.
China is targeting to produce 15-30bn cbm of shale gas annually by 2020 to supply 5-10% of its natural gas production, the official said.
($1 = CNY6.47)
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