China Shale Gas Promotion Review 2020
As of the end of 2019, China’s shale gas accumulated proved reserve was 1,805.9 bcm, while the recoverable resource volume was only 3.16 bcm. Thus, China’s shale gas proven rate was only 5.72%, which was obviously in the early stage of exploration and development. Amid the 14th Five-Year Plan, China’s shale gas industry is of great development potential.
The U.S. realized the first large-scale development of shale gas. With the increase in shale gas output, the U.S. surpassed Russia and became the world’s largest natural gas producer in 2009. Canada is the second one to conduct commercial development of shale gas, and shale gas exploitation becomes a worldwide trend. According to sources, China may become the second-largest shale gas producer after the U.S.
China Shale Gas Proved Reserve Rising Sharply
China’s first shale gas well is Wei-201, which is located in Xinchang Town, Weiyuan County, Sichuan Province. It went into operation in November 2010. China’s shale gas proved reserve exceeded 1,000 bcm in April 2018 and surpassed 1,800 bcm in 2019.
