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China Sinopec to triple Chongqing shale gas capacity to 15 Bcm/year by 2020

Highlights

China's Sinopec said Monday it targets tripling its shale gas capacity in Chongqing in southwest China to 15 Bcm/year by 2020 from the current 5 Bcm/year.

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It also aims to increase its shale gas output in Chongqing to 10 Bcm/year by 2020, the end of China's 13th five-year plan that runs 2016-2020, according to a news release on a strategic cooperation agreement signed with the Chongqing city government that was posted on Sinopec's website.

The targets are in the line with Sinopec's plan unveiled in March to double its total domestic gas output to 40 Bcm in 2020 from 20.81 Bcm in 2015, with 10 Bcm to come from shale gas -- all of it from Chongqing -- 29.5 Bcm from conventional gas and 0.5 Bcm from coal bed methane.

The company completed construction of the 5 Bcm/year Phase I of its flagship Fuling project in Chongqing last year and will begin building the second phase this year, Platts reported earlier.

The proven developed reserves in Fuling stood at 28.77 Bcm at end 2015, more than doubling from 13.37 Bcm a year earlier, according to the company's annual report. Proven undeveloped reserves surged to 5.13 Bcm from 2.49 Bcm over the same period.

--Oceana Zhou, oceana.zhou@spglobal.com
--Edited by Wendy Wells, wendy.wells@spglobal.com