PetroChina Leads $4 Billion Shale Expansion in China’s Southwest
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PetroChina Co. and three partners will invest over $4 billion to drill for gas in the nation’s most productive shale fields.
China’s biggest energy producer has joined Sinochem Group and two local state enterprises to form the venture in the southwestern city of Chongqing, according to a statement posted to the municipality’s website today. The project will start operations by the end of the year and begin commercial production in 2017.