Sinopec, PetroChina Plan 40% Growth in Shale Output to Meet Goal
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China’s largest oil and gas producers plan to increase shale-gas output by 40 percent a year to meet the nation’s production target.
China Petroleum & Chemical Corp. plans to invest 21.5 billion yuan ($3.5 billion) in shale-gas drilling and expects to produce as much as 3.5 billion cubic meters by 2015, while PetroChina Co. targets output of more than 2.5 billion cubic meters in 2015 after investing 11.2 billion yuan, according to a press conference transcript posted today on the Ministry of Land and Resources website.