BEIJING - China Petroleum & Chemical Corp.'s analysis at a test well in the Yuanba field, in Sichuan province, shows evidence of a large amount of shale gas, its parent company said Thursday.
The Yuanba 21 well is capable of producing 507,000 cubic meters a day of gas, Sinopec Group said in its in-house newsletter.
China has an estimated 25.08 trillion cubic meters of potentially recoverable shale gas reserves, the Ministry of Land and Resources said last week. Although its potential shale gas reserves are massive, China hasn't launched commercial production of the unconventional energy source.
Domestic and foreign energy majors working in China are hoping they can mirror a rapid increase in gas output in the U.S. over the past decade that was accomplished using new technologies to access previously inaccessible shale gas.
Copyright (c) 2012 Dow Jones & Company, Inc.
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