Sinopec Spends Big to Hit Shale Gas Targets

CHINA is likely to hit its shale-gas production target next year, but it will come at a high price as costs in the country's shale patch remain far higher than in the US, according to a new Bloomberg New Energy Finance (BNEF)  report.

Beijing is keen to tap into its potentially world-beating shale gas resource to help cut its reliance on coal and boost energy security and it has set a series of production targets for its state-owned oil and gas producers. The government is targeting annual output of 6.5 billion cubic metres (cm) by 2015, around 3% of total consumption, with a quick ramp-up to 60 billion cm to 100 billion cm by 2020.

（petroleum-economist.com Edited by Topco）