Nation spends more than US on shale gas development
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.