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Follow on Google News | Ecf Shale Gas Club: 2012 Dissussion 1: China Join Shale Gas BoomBlind to the environmental issues, shale gas is in its ascendency and oilmen worldwide wants in through frequent resources replacement.
By: yolanda ru Advances in the hydraulic fracturing, or fracking, drilling technique have revolutionized the natural gas industry. However as shale gas resources and hydraulic fracturing have entered the public consciousness, then protests from environmentalists and nearby residents have followed. Researchers said more must be done to evaluate what the shale boom means for those living near wells. However shale gas is in its ascendency and oilmen worldwide wants to be involved in. That's the seeming energy miracle that is shale gas. Marubeni is paying $US1.3 billion for a slice of the Eagle Ford shale in Texas (where BHP Billiton already sits, thanks to its Petrohawk Energy takeover). Sinopec has laid down $US2.2bn to get in on the North American shale scene while France's Total is coming up with $US2.3bn in a deal with Chesapeake Energy. ExxonMobil's latest energy outlook sees global demand for gas increasing by 60 per cent by 2040, with much of that extra supply coming from shale gas via fracture stimulation (or fracking). PetroChina has already been fracking in the Sichuan Basin with some considerable success. The US Energy Information Agency estimates China's shale gas resource at 1275 trillion cubic feet, the world's largest. China's Sinopec Group said on Jan 3, it will acquire a third of five shale oil and gas assets in the United States from Devon Energy Corp for $2.2 billion, in another move by a Chinese state-owned firm eager to play a bigger role in the global rush to tap unconventional fossil fuels. “We are bound together with most of the oilmen worldwide. We must replace our reserves aggressively ... and protect shareholder interests in the face of high risk”, said Fu Chengyu, chairmen of Sinopec who has piloted a wave of mergers and acquisitions since May. China approved shale gas as an “independent mining” resource, adding it to a list of types of fields that smaller Chinese companies can develop. While Shell is still being relatively unforthcoming about its China shale gas production, saying only that the project is in its early stages, Fu Chengyu, chairman of Sinopec went on record saying that within five to ten years, China’s output would exceed that of the US. Chinese shale gas revolution is in its infancy, and technical and environmental issues certainly remain, Sinopec’s proposed investment is another strong vote of confidence. On Dec. 31, China’s Ministry of Land and Resources, extends access beyond China’s largest oil and natural-gas producers. China’s Ministry of Land and Resources plans a second round of shale-gas auctions in January, the ministry said last month. # # # The first Chinese shale gas club, ECF International Shale Club is now opening for membership recruitment! All club activities will be applied to the 'Chatham House Rules'. Please join us when you find us! Contact with ecf@energychinaforum.com, editor@energychinaforum.com, or call 86 21 54383583, fax 86 21 64607630. End
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