China to Open New Shale Areas to Tap Reserves Exceeding U.S.

China, estimated to hold more gas trapped in shale than the U.S., will open new areas to exploration as PetroChina Co.’s parent and Cnooc Ltd. seek drilling technology through partnerships and acquisitions.

The government aims to sign contracts with Chinese explorers this month to develop two blocks offered in the country’s first auction, and a second sale is planned later this year, Zhang Dawei, deputy director of oil and gas strategy research at the Ministry of Land and Resources, said in a telephone interview from Beijing yesterday.