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Chevron starts shale gas exploration in China
By Richard Fu |
February 24, 2012, Friday
|
Online Edition
Online Edition
CHEVRON Corp confirmed it has begun exploring for shale gas in China, joining other global majors in developing deposits in the world's largest holder of the unconventional fuel.
"The company signed a joint study agreement to explore for natural gas from shale resources in the Qiannan Basin in April 2011 and commenced seismic operations in July 2011," Chevron said in a filing to the US Securities and Exchange Commission yesterday.
The US oil producer didn't identify its Chinese partner but the Chinese press has reported it's a unit of Sinopec. The Qiannan Basin is in Guizhou Province in southwestern China.
China, yet to make any commercial shale gas production, is bringing in foreign technology to speed up the development of its shale gas reserves, believed to be the world's largest. Royal Dutch Shell Plc and BP Plc have been seeking partnerships with Chinese companies to tap the potentially huge market.
"The company signed a joint study agreement to explore for natural gas from shale resources in the Qiannan Basin in April 2011 and commenced seismic operations in July 2011," Chevron said in a filing to the US Securities and Exchange Commission yesterday.
The US oil producer didn't identify its Chinese partner but the Chinese press has reported it's a unit of Sinopec. The Qiannan Basin is in Guizhou Province in southwestern China.
China, yet to make any commercial shale gas production, is bringing in foreign technology to speed up the development of its shale gas reserves, believed to be the world's largest. Royal Dutch Shell Plc and BP Plc have been seeking partnerships with Chinese companies to tap the potentially huge market.
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