Orient Group Plans to Participate in China Shale Gas Auction

Orient Group intends to participate in China’s second round of bidding for the right to explore for shale gas.

This would be the first time a Chinese private would be allowed to enter an industry that has been restricted to state oil and gas companies.

In June China held the first auction of shale gas exploration rights in four areas. The country plans to hold its second auction of shale gas exploration rights this month, involving 25 areas in 10 provinces and regions.

The National Energy Administration (NEA) has set a target for China to produce 230 billion cubic feet of shale gas in 2015, rising to 2.83 trillion cubic feet in 2020, the South China Morning Post reports.