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Joint study of shale gas in Sichuan Basin
Source: Xinhua |
December 26, 2012, Wednesday
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Print Edition
Print Edition
THE Sinopec Group, the world's fifth-largest oil company, said yesterday that it will jointly study shale gas development with ConocoPhilips in southwest China's Sichuan Basin over the next two years.
A statement from Sinopec said the Sinopec Exploration Southern Co, a subsidiary, will conduct research on the exploration, development and production of shale gas with ConocoPhilips China in the Qijiang block, an area located in the Sichuan Basin, where rich shale gas is deeply embedded.
ConocoPhilips will carry out two-dimensional seismic surveys and drill two wells there.
Sources at Sinopec said the cooperation will have great significance in terms of evaluating shale gas reserves in the region and will help improve Sinopec's shale gas development techniques.
China is estimated to hold the world's biggest reserves of shale gas, enough to support the country's gas consumption for nearly 200 years, Moody's said in March.
Domestic oil producers and refiners are shifting parts of their resources to the unconventional energy, as limited oil reserves and unstable imports are making it harder to meet the country's energy demand.
A statement from Sinopec said the Sinopec Exploration Southern Co, a subsidiary, will conduct research on the exploration, development and production of shale gas with ConocoPhilips China in the Qijiang block, an area located in the Sichuan Basin, where rich shale gas is deeply embedded.
ConocoPhilips will carry out two-dimensional seismic surveys and drill two wells there.
Sources at Sinopec said the cooperation will have great significance in terms of evaluating shale gas reserves in the region and will help improve Sinopec's shale gas development techniques.
China is estimated to hold the world's biggest reserves of shale gas, enough to support the country's gas consumption for nearly 200 years, Moody's said in March.
Domestic oil producers and refiners are shifting parts of their resources to the unconventional energy, as limited oil reserves and unstable imports are making it harder to meet the country's energy demand.
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