China commits $100B to start 20,000 shale gas sites by 2020November 2, 2012
China’s estimated shale gas reserves are even greater than those in the US, and Chinese leadership is unequivocally committed to bringing that resource to market. A new report from Kuick Research notes that:
While the commercial shale gas production as of now is negligible, the country plans to invest CNY 400 to CNY 600 Billion by 2020, during which an estimated 20,000 shale gas wells will be drilled and gas produced. China plans to produce 6.5 Billion cubic meters of shale gas by 2015, a target for which this auction is deemed extremely important. To ensure speedy production, the Ministry of land and Resources of China decided to award exploration licenses for three years on a condition that the winning companies must start production within 6 months of the awarding of the license.
It is revelatory that many of the same US interest groups that claim economic concerns about China taking the lead in the moribund wind turbine industry show no similar worry about the US losing its lead in this rapidly growing sector.