Sinopec to achieve 2bn cbm/year of shale gas output by 2015

22 March 2012 06:38  [Source: ICIS news]

SINGAPORE (ICIS)--China Petrochemical Corporation (Sinopec Group) plans to increase exploration of shale gas in order to achieve a production target of 2bn cubic meters (cbm)/year by 2015, a company source said on Thursday.

The 2bn cbm/year target is almost one third of what China aims to achieve by the end of  12th Five-Year Plan (2011-2015), the source added.

China aims to achieve output of 6.5bn cbm/year of shale gas by 2015 and 60bn-100bn cbm/year by 2020, according to The Shale Gas Development Plan 2011-2015 published on 16 March.

Sinopec, the state-owned petrochemical giant, will invest more than Chinese yuan CNY 1bn ($158m) on shale gas and oil industry development this year, added the source.

($1 = CNY6.31)

By: Dolly Wu
+65 6780 4359

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