|Ryan General |||Dec 31, 2015 10:11 AM EST|
(Photo : gettyimages) Sinopec Group, a petroleum and petrochemical enterprise giant, which was established in 1998 as an arm of China Petrochemical Corporation, is spearheading the initiative.
The latest and largest shale gas project in the Sichuan Basin of southwest China is aiming for full operations in 2016 with a yearly production target of 5 billion cubic meters, according to Sinopec Group (China Petrochemical Corporation). The project aims to boost energy sources for the country amid higher global prices and demand for oil.
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Sinopec Group, a petroleum and petrochemical enterprise giant, which was established in 1998 as an arm of China Petrochemical Corporation, is spearheading the initiative.
In a statement, Sinopec discussed how it plans to achieve the proposed target of a production capacity 10 billion cm of gas in two phases by 2017. It stated that this will help make the progress of shale gas exploration faster and in time for the large-scale commercialization phase.
In a bid to optimize the Country's energy amid mounting pressure caused by air pollution, Sinopec has re-invigorated its commitment to further expand and accelerate its operations. The company plans to commence the second phase of the project at the same time with a target capacity of 5 billion cubic meters.
Sinopec Vice President Jiao Fangzheng said in a statement that the company's achievements give them confidence to pursue more. "I think the model at Fuling can be duplicated and promoted in other places," he said.
Shale gas is a type of natural gas which is trapped and extracted from shale formations. Shales are sedimentary rocks that are rich resources of petroleum and natural gas. Most common sedimentary rock types are sandstone, limestone, and shale, which are abundant in China.
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