Royal Dutch Shell’s Chief Financial Officer, Simon Henry, reports that Chinese gas shales can be more challenging than shales in the United States, however, they can produce gas at well below the liquefied natural gas [1] import price.
[1] http://geology.com/articles/lng-liquefied-natural-gas/
More at Reuters.com.
An article on the Forbes.com website explores the use of natural gas as a vehicle fuel in China. “At the end of 2010, more than 80 cities across China had gas refilling facilities and the number of CNG/LNG refill stations totaled more than 1,000.” They appear to be way ahead of the United States.
More at Forbes.com.
China is thought to have more shale gas than the United States but so far the resource is undeveloped – partly because of a lack of technology. Royal Dutch Shell will help change that by entering into a production sharing contract with the China National Petroleum Corporation.
More at Bloomberg.com.
China is thought to have a larger shale gas resource than the United States. Although it is not yet being tapped, China is expected to become a leading gas producer by 2020.
More at MarketWatch.
“The U.S. Geological Survey estimated a mean of 448 billion cubic feet of potential technically recoverable unconventional natural gas in Carboniferous and Permian coal-bearing strata in the eastern uplift of the Liaohe Basin, Liaoning Province, China.” Quoted from the USGS press release.
More at USGS.
Chevron announced that they are exploring for shale gas in China’s Qiannan Basin and Argentina’s Vaca Muerta Formation.
More at Bloomberg.com.
In just the past few weeks companies from China, France and Japan have purchased large holdings in the Eagle Ford, Utica and Marcellus Shales.
More at Bloomberg.
Sinopec, a major Chinese oil and gas company also known as China Petroleum & Chemical Corporation Limited, will purchase a 1/3 share of Devon Energy’s holdings in five shale plays in the United States for $900 million in cash and contribute $1.6 billion towards future drilling expenses. Properties in the Utica Shale, Tuscaloosa Marine Shale, Niobrara Shale are included.
More at Business Week.
Shell and PetroChina drilled two vertical wells to test the natural gas potential of shales in the Sichuan Basin. China is thought to have the largest recoverable shale gas resource in the world but it remains untested.
More at Reuters.
Natural gas prices in Asia are three times higher than prices in North America. Natural gas producers, Apache, Encana and EOG Resources hope to cash in on that by building a liquefied natural gas plant near Kitimat, British Colombia that will prepare …
More at Business Week.
Exxon Mobile and China Petrochemical will work together on an assessment of the shale gas potential of southwestern Sichuan Province. Although shale gas in China is largely untapped the country is thought to have an even greater potential than the United States.
The shale gas boom that started in the United States is spreading globally. A recent report from the Energy Information Administration indicated that China has the world’s largest technically recoverable shale gas resource. Beijing is now working to help their shale gas resource get off the ground quickly with research funding and other assistance. More at MSNBC.com.
PetroChina plans to purchase half of EnCana’s Montney Shale assets in Alberta and British Columbia for $5.4 billion (Canadian). In the past 14 months Chinese oil and gas companies have acquired $46 billion in foreign resources. More at RigZone.com.
An unusual entry into the Niobrara Shale is CNOOC Ltd., China’s largest offshore energy company. They are buying 1/3 of Chesapeake Energy’s Niobrara Shale assets for $570 million cash. More at Bloomberg.com.
