China Shale Tender Expected to Draw Strong Interest
More than 70 companies have indicated interest in participating in China's second tender for shale gas blocks.
China Daily quoted Jiang Xinmin, deputy director of the Energy Research Institute, a think tank of the National Development and Reform Commission, as saying that he estimates that about 17 blocks will be on offer.
China has 25.08 trillion cubic meters of exploitable onshore shale-gas reserves, said the Chinese Ministry of Land and Resources in March. Though a specific date has not yet been announced, the second tender is expected to occur in the next two months.
China's shale gas development is still in its early stages, with Xinhua reporting 24 of China's 62 shale gas wells in trial development zones have generated output qualified for industrial use.
China is targeting the production of 6.5 billion cubic meters of shale gas a year by the end of 2015 as part of its current 5-year economic plan.