China halves its shale gas production goals

China halves its shale gas production goals

China, believed to have the world’s largest shale gas resources, hopes to replicate the US shale boom but it has halved the 2020 output target due to challenging exploration efforts. 

Reuters reports that four years of evaluation and drilling resulted in one large find, the Fuling field, but experts doubt this find can be repeated due to complex geology and high production costs.

The head of China’s National Energy Administration, Wu Xinxiong was reported saying that China is planning to pump 30 bcm of shale gas by 2020, a half of the previous goal of 60-80 bcm.

Reuters also reports a government source saying that this new goal is more realistic, rather than a vague prospect like the previous target.

 

LNG World News Staff, August 7, 2014; Image: CNPC

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