BEIJING, May 23 (Reuters) – Sinopec is targeting annual shale gas production capacity of 15 billion cubic metres (bcm) and annual shale gas output of 10 bcm in the southwestern city of Chongqing by 2020, the company said on Monday.
The company unveiled the target when it signed a strategic cooperation agreement with Chongqing city over the next five years, it said on its website (www.sinopecnews.com).
China, believed to hold the world’s largest shale gas resources, hopes to replicate the production success of the United States but faces big technological and environmental challenges due to its more complex geology and scarce water.
(Reporting by Beijing Monitoring Desk; Editing by Richard Pullin)
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