China Petrochemical Corp., or Sinopec Group, the country's second-largest oil and gas producer by capacity, aims to achieve 2.5 billion cubic meters of annual production capacity of unconventional gas such as shale gas and coal bed methane by end-2015, the company said in its in-house newsletter.
China Petrochemical Corp., or Sinopec Group, the country's
second-largest oil and gas producer by capacity, aims to achieve 2.5 billion
cubic meters of annual production capacity of unconventional gas such as shale
gas and coal bed methane by end-2015, the company said in its in-house
newsletter.
General manager Su Shulin said in the newsletter Tuesday that the company will
give priority to shale gas exploration and development, but didn't provide
details.
The 21st Century Business Herald newspaper reported Wednesday that
China
is
planning to introduce subsidies for shale gas production in a bid to meet
rising domestic demand for gas, which is less polluting than oil and coal.
Sinopec Group is the parent company of Hong Kong-listed China Petroleum &
Chemical Corp. (SNP).
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