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China’s Sinopec to continue shale gas development plans

by ChemOrbis Editorial Team - content@chemorbis.com
  • 07/01/2015 (12:25)
According to media reports, China’s state-owned gas producer Sinopec will maintain their shale gas development plans despite globally plunging crude oil prices. The company stated that because of the country’s demand for cleaner energy forms, sharp decreases in global crude oil prices have not had a major affect on China’s gas sector. The company has reportedly decided to maintain their capital expenditures to develop new sources of both conventional and shale gas for 2015.

Since the middle of June, crude oil prices lost around half of their value and this has led some companies to scale back or delay their capital expenditures and exploration activities. Sinopec aims to achieve 5 billion cubic meters (bcm) of annual capacity at the Fuling shale gas field in southwest China this year and to double the capacity of the field to 10 bcm in 2017. In 2015, China targets to produce a total of 6.5 bcm of shale gas.
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