China to increase the number of shale gas reserves, new oil & gas tenders to hit the shore
Category: #world  By Saipriya Iyer  Date: 2017-08-17
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China to increase the number of shale gas reserves, new oil & gas tenders to hit the shore

The latest scoop to make it to the headlines is that of China’s decision to expand the shale gas pool in the country. As reported by the Ministry of Land Resources, China is likely to construct two major shale gas bases to the south of the nation, inadvertently, paving the way to open new tenders for further oil and gas exploration blocks.

China’s resolution regarding the expansion of shale gas reserves comes as an aftermath of the country’s rapid efforts to ramp up its efforts for oil & gas exploration activities in the midst of reduced output levels at aging oil wells. Further projects that provide ample evidence to China’s intention of contributing toward the growth of oil & gas market are concentrated around the Xinjiang and Shaanxi provinces. The Shaanxi province, located in the northwestern part of the country, has been preparing to offer coal-bed methane blocks, while the government of Xinjiang situated in the northwestern part of China plans to commence a 2nd round of oil & gas block auctions. Recently, at a news conference in Beijing, it had been reported by Ministry officials that China may soon be off to a flying start with regards to the commercial production of shale gas at Yichang, located in the Hubei Province in Central China as well as at Anye, situated in the Guizhou Province in Southwest China.

For the record, in the northern part of China, crude oil and gas exploration activities span an area of around 500,000 square kilometers. The area also holds the reputation of having witnessed the discovery of new natural gas and light crude reserves, as stated by the Ministry of Land Resources.

Currently, through this shale gas expansion memorandum, China intends to look high and low for private companies and encourage them to participate in the new tenders for oil & gas exploration programs in Guizhou in the next few days. The Ministry of Land Resources has also mentioned that it aims to scrutinize more such auctions of shale gas blocks beyond the frontiers of Guizhou. China’s incessant efforts to increase the number of shale gas exploration bases in the country is likely to provide a major boost to the APAC oil & gas industry.

As per the latest reports, the government of China also has new plans in the offing to elevate the natural gas consumption in the country with an aim to eliminate the smog levels in the atmosphere. However, so far, the Ministry has not provided any tentative time period that would witness the expansion of the shale gas blocks in the country.



About Author

Saipriya Iyer

Email: saipriya.l@news.marketsizeforecasters.com   

Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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