China Seen Outspending U.S. Drillers to Chase Shale-Gas Boom
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China’s effort to catch up with the U.S. in developing shale gas and become more energy independent is coming at a big cost: It’s spending four times as much developing some fields, according to a new report.
Holding the world’s biggest potential reserves of natural gas in shale rock, China will spend billions of dollars in trying to close a gap with the shale leader, which is about a decade ahead in developing the energy resource, according to a study by Bloomberg New Energy Finance released yesterday.