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20 shale gas sites to be auctioned
By Richard Fu |
September 11, 2012, Tuesday
|
Print Edition
Print Edition
CHINA has offered 20 blocks in its second tender of shale gas sites and will allow Chinese-controlled joint ventures to bid as it seeks to tap the unconventional cleaner-burning fuel.
The Ministry of Land and Resources said yesterday domestic firms and Sino-foreign joint venture firm controlled by a Chinese partner will be allowed to participate in the October 25 auction.
Each bidder must have registered capital of at least 300 million yuan (US$47.3 million) and hold relevant exploration licenses, it said.
The 20 sites offered cover a total area of 20,002 square kilometers and are in Guizhou, Hunan and Jiangxi provinces as well as Chongqing, the ministry said. Each bidder can only bid for a maximum of two blocks.
In June last year, China awarded two out of four blocks in its first shale gas auction to Sinopec Corp and a Henan provincial company. The inaugural licensing round, for which only state-owned companies were invited, marked the start of commercial shale gas exploration in China, holder of the world's biggest shale reserves.
China is seeking foreign expertise in drilling shale gas, which has had a transformational impact on the US's energy outlook. But analysts have said a more difficult terrain, water availability and pipeline infrastructure may stall rapid development in China. They also said China needs to reform its highly consolidated upstream gas industry to spur investment and technology needed to commercialize shale.
China aims to produce 6.5 billion cubic meters of shale gas annually by 2015 and 60-100 billion cubic meters by 2020, the National Development and Reform Commission said in March. Some analysts have described the 2020 target as too "ambitious."
The Ministry of Land and Resources said yesterday domestic firms and Sino-foreign joint venture firm controlled by a Chinese partner will be allowed to participate in the October 25 auction.
Each bidder must have registered capital of at least 300 million yuan (US$47.3 million) and hold relevant exploration licenses, it said.
The 20 sites offered cover a total area of 20,002 square kilometers and are in Guizhou, Hunan and Jiangxi provinces as well as Chongqing, the ministry said. Each bidder can only bid for a maximum of two blocks.
In June last year, China awarded two out of four blocks in its first shale gas auction to Sinopec Corp and a Henan provincial company. The inaugural licensing round, for which only state-owned companies were invited, marked the start of commercial shale gas exploration in China, holder of the world's biggest shale reserves.
China is seeking foreign expertise in drilling shale gas, which has had a transformational impact on the US's energy outlook. But analysts have said a more difficult terrain, water availability and pipeline infrastructure may stall rapid development in China. They also said China needs to reform its highly consolidated upstream gas industry to spur investment and technology needed to commercialize shale.
China aims to produce 6.5 billion cubic meters of shale gas annually by 2015 and 60-100 billion cubic meters by 2020, the National Development and Reform Commission said in March. Some analysts have described the 2020 target as too "ambitious."
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