China's first large-scale shale gas field found in Chongqing

[Beidou2020]

State-owned Chinese oil and gas giant, Sinopec, announced Monday that its discovered a major shale gas field near Southwest China’s Chongqing. The Fu-Ling field has estimated reserves of 2.1 trillion cubic meters. It's also the first large-scale discovery of its kind in China.

The discovery in Chongqing’s Fuling district means that China can enter into large-scale commercial development of shale gas much earlier than anticipated. Sinopec’s Chairman -- Fu Chengyu -- says 10 years can now be cut off from China’s planned development time for shale gas energy.

"Our Fuling project, which will ultimately produce 10 billion cubic meters a year by 2017, will build shale gas capacity to 5 billion cubic meters a year by 2015." Fu Chenyu said.

The discovery of the Fuling field means China’s official target for annual shale gas production, 6.5 billion cubic meters a year, will be easily surpassed. But Sinopec may be faced with a cash squeeze as it looks to develop the field. That’s because SinoPec’s major competitor, PetroChina, reportedly will seek private investment in order to help it get into shale gas production.

Sinopec and state-owned PetroChina both cut their capital expenditures for 2014 from a year ago but analysts say Sinopec may have less flexibility on spending than its competitor. The reason for that is that PetroChina has a stronger balance sheet while Sinopec faces rising refining costs and weaker income from oil and gas production.

 

[Chinese-Dragon]

Awesome.

China has the world's largest shale gas reserves, by a HUGE margin. Enough to last thousands of years.

We need to leverage this as soon as possible, to gain a greater degree of energy independence.

 

[+4vsgorillas-Apebane]

Is there an efficient way to extract this shale without exorbitant costs in water? I hope that China does the fracking in an environmentally sustainable manner.

 

[Kompromat]

China's shale expertise can help Pakistan with its extraction effort. We have an estimated 9 BBL of Shale oil and 105 TCF of Shale gas reserves. Both countries must work together in this field.

 

[Beast]

China's shale expertise can help Pakistan with its extraction effort. We have an estimated 9 BBL of Shale oil and 105 TCF of Shale gas reserves. Both countries must work together in this field.

What we know is China is still lacking expertise in extracting it out commercially. But we are investing the technology in this area.

 

[Kompromat]

What we know is China is still lacking expertise in extracting it out commercially. But we are investing the technology in this area.

I hope that Pakistani energy firms are watching the Chinese effort as they must join hands with China to tap our energy reserves.

 

[Chinese-Dragon]

I hope that Pakistani energy firms are watching the Chinese effort as they must join hands with China to tap our energy reserves.

This is absolutely necessary to our national security.

Both China and Pakistan have enough Shale oil and gas reserves to last hundreds if not thousands of years each (not to mention regular resources like coal too). Energy independence is necessary for any country that does not want to be on the receiving end of American hegemony.

 

[Audio]

Good. It's in all of our interest to drop the price of oil. Clipping the wings of overzealous members of Saudi monarchy and restraining Putin to look inwards as he battles with the inefficient economic model of resting on resources revenue.

Two birds with one stone! So Sun Tzu!

#edit: baically it's three birds, China gains some energy independence. So, Sun Tzu ultra!

 

[Kompromat]

This is absolutely necessary to our national security.

Both China and Pakistan have enough Shale oil and gas reserves to last hundreds if not thousands of years each (not to mention regular resources like coal too). Energy independence is necessary for any country that does not want to be on the receiving end of American hegemony.

With current 'recoverable shale' Pakistan wouldn't need to import oil or gas for 70 years. Imagine what that can do to our economy. Energy independance must be Pakistan's next deterrent. We've exploded the A bomb, now its time to explode the E (Economics) bomb, while walking in China's footstep.

 

[xunzi]

I hope that Pakistani energy firms are watching the Chinese effort as they must join hands with China to tap our energy reserves.

We need to cooperate and work together to explore our resources for economic development of our people. If Pakistan can fix three main problems, she will be an economic power in no time. 1) infrastructure, 2) energy, 3) security. Pakistan already located in a very favorable geographical location that connect Persian Gulf to Central Asia to East Asia. We will help Pakistan accomplish the first 2 areas but the #3 is depend on Pakistan government to stop terrorist from causing problem for business environment.

 

[My-Analogous]

I hope that Pakistani energy firms are watching the Chinese effort as they must join hands with China to tap our energy reserves.

You took my words.

We need to cooperate and work together to explore our resources for economic development of our people. If Pakistan can fix three main problems, she will be an economic power in no time. 1) infrastructure, 2) energy, 3) security. Pakistan already located in a very favorable geographical location that connect Persian Gulf to Central Asia to East Asia. We will help Pakistan accomplish the first 2 areas but the #3 is depend on Pakistan government to stop terrorist from causing problem for business environment.

It is gift of Allah that in every twenty to twenty five Pakistan geographical location will used for different tasks and world recognized that except our ruler and we did take advantage for that and this time i hope we took advantage of our location.