CNOOC to Increase Focus on Shale Gas

China National Offshore Oil Corp Ltd, plans to increase focus on unconventional energy sources, mainly shale gas, the Beijing based company said while presenting its financial results.

In terms of shale gas development, the company lags behind other major energy firms like China National Petroleum Corp and China Petrochemical Corp in domestic blocks. However, CNOOC said that it has completed seismic surveys on its 4,800 square kilometre block in Anhui province and will drill wells.

The company said that it would be keenly watching country’s upcoming auctions for shale gas exploration rights.  It also plans to apply expertise acquired through its experience in the Eagle Ford shale gas project to local Chinese projects.