Sinopec Expects China Shale Drilling Costs To Drop From $80M To $50M A Well

Reuters

HONG KONG, Aug 25 (Reuters) - State-run oil company Sinopec Corp said on Monday it expects shale drilling costs in China to drop to $50 million per well from $80 million in three to five years.

Chairman Fu Chengyu was speaking at the firm's results briefing after it reported a better-than-expected 36 percent rise in second-quarter profit as an improvement at its refining and marketing businesses more than offset a weakening chemicals division.

(Reporting By Charlie Zhu; Editing by Anne Marie Roantree and Tom Hogue)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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