CNPC Completes Sichuan Shale Gas Preliminary Development Plan

State owned China National Petroleum Corporation (CNPC) has completed its preliminary development plan of its shale gas exploration project in northwestern province of Sichuan, reports Xinhua citing a report in Shanghai Securities News.

The development augers well for country’s shale gas production as China is expected to surpass production target in 2015, the report says.

China is aiming to produce 6.5 billion cubic meters of production in 2015, which was thought to be a difficult task given the slow progress of commercial development practices.

CNPC now has nine shale gas wells running at its Sichuan shale gasfields, with accumulated production of over 80 million cubic meters. Another 110-plus wells will be put into operation by the end of the second quarter of 2015, according to the report.

Exploration efforts in the resource-rich Sichuan Province, which boasts about 27.5 trillion cubic meters of shale gas, make it possible for China to meet and even beat next year's production target, according to the report.

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