Private firms bid in shale gas auction for 1st time
By Richard Fu |
October 26, 2012, Friday
|
Print Edition
Print Edition
CHINA'S second tender of shale gas blocks has lured 152 qualified bids from 83 companies, including from the private-sector and Sino-foreign joint ventures, the land ministry said yesterday.
This is the first time China has allowed such entities to bid for the conventional cleaner-burning fuel, of which it is the world's largest holder.
Twenty sites were offered in the auction yesterday, covering 20,002 square kilometers in Guizhou, Hunan and Jiangxi provinces. Each bidder could only bid for a maximum of two blocks and each block required at least three bids.
One block was canceled after it failed to receive enough bids, the ministry said. One site attracted the most bids at 13, the most, it added.
Private firms make up one third of the bidders, China National Radio said.
China aims to produce 6.5 billion cubic meters of shale gas annually by 2015 and 60-100 billion cubic meters by 2020, according to official targets. The State Council, China's Cabinet, on Wednesday passed an energy plan confirming that the country will continue to develop shale gas.
Shale gas has changed the US' energy outlook in recent years. China, which hasn't produced any shale gas commercially, is seeking foreign expertise.
This is the first time China has allowed such entities to bid for the conventional cleaner-burning fuel, of which it is the world's largest holder.
Twenty sites were offered in the auction yesterday, covering 20,002 square kilometers in Guizhou, Hunan and Jiangxi provinces. Each bidder could only bid for a maximum of two blocks and each block required at least three bids.
One block was canceled after it failed to receive enough bids, the ministry said. One site attracted the most bids at 13, the most, it added.
Private firms make up one third of the bidders, China National Radio said.
China aims to produce 6.5 billion cubic meters of shale gas annually by 2015 and 60-100 billion cubic meters by 2020, according to official targets. The State Council, China's Cabinet, on Wednesday passed an energy plan confirming that the country will continue to develop shale gas.
Shale gas has changed the US' energy outlook in recent years. China, which hasn't produced any shale gas commercially, is seeking foreign expertise.
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