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.
The country's largest oil refiner announced late on Friday that its net profits rose 6.8 percent year-on-year in the first half of 2014. Net profits during the term stood at 31.43 billion yuan ($5.1 billion), while its business revenues pared 4.2 percent year-on-year to 1.36 trillion yuan, the company said in a statement filed to the Shanghai Stock Exchange.
Made-in-China device to help with shale gas extraction
2014-08-26Guizhou gets approval to explore shale gas
2014-08-11Local govts may get shale gas licensing mandate soon
2014-07-18Shale gas output in Sinopec‘s Fuling work zone sets new record
2014-04-22PetroChina plans to further tap shale gas
2014-04-22PetroChina shale gas spending rises to more than $1.6 bln
2014-04-21Sinopec to commercialize shale gas production
2014-03-25Copyright ©1999-2018
Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.