|China Makes Major Shale Gas Discovery|
|by Tom McGregor||Thu, Sep 18, 2014, 03:14 AM|
BEIJING: China has succesfully tapped into a major shale gas reserve in the Chongqing Basin.
China Radio International reports that, "It's been confirmed that China's first shale gas field has over 100 billion cubic meters of proven reserves. The Ministry of Land and Resources says the field, which is located in Southwest China's Chongqing municipality, is highly productive, with daily output at each gas well exceeding 100,000 cubic meters."
Gao Bingqi, a senior surveyor, "With the process of localization, the cost for shale gas exploration has been further lowered. For example, it used to take us about 100 million yuan to develop an exploration well, but now the cost has been lowered to 50-70 million yuan."
According to CRI, "Gao's agency estimates that the recoverable shale gas reserve in China totals 25 trillion cubic meters in total. A government work report has set a target to produce 6.5 billion cubic meters of shale gas annually by the end of next year."
China holds larger shale gas reserves than the US.
To read the entire article from China Radio International, link here:
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