China Expected to Produce 6.5 bcm of Shale Gas Next Year

China is expected to produce 1.5 billion cubic meters of shale gas in 2014 and about 6.5 billion cubic meters next year, according to a press conference transcript posted on Wednesday on the Ministry of Land and Resources website.

Chinese energy majors are expected to boost shale gas output by 40 percent a year to meet country’s production target, the transcript stated.

Sinopec is likely to produce 1 bcm of shale gas this year and as much as 3.5 billion cubic meters by 2015. The company is expected to invest 21.5 billion yuan ($3.5 billion) in shale-gas drilling. PetroChina is aiming for an output of about 2.5 billion cubic meters in 2015 after investing 11.2 billion yuan.

In July, Sinopec’s Fuling field was verified by Chinese government as country’s largest shale gas play.

China’s Ministry of Land and Resources verified proven reserves of nearly 107 billion cubic metres (bcm) in the Fuling shale gas field.

Sinopec’s average daily shale gas production at Fuling field in Sichuan Basin hit 3.2 million cubic meters by the end of June.