Na­tion spends more than US on shale gas de­vel­op­ment

China Daily (Canada) - - BUSINESS -

China’s ef­fort to catch up with the United States in de­vel­op­ing shale gas is com­ing at a big cost. It’s spend­ing four times as much de­vel­op­ing some fields, ac­cord­ing to a Bloomberg re­port. China has man­dated tar­gets for its pro­duc­ers, such as China Petroleum & Chemical Corp, also known as Sinopec. Sinopec es­ti­mates it will spend an aver­age of $10 mil­lion per well at its Fuling site. That com­pares with costs as low as $2.6 mil­lion per well in parts of the US.

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