Platts: Shell plans to invest over $500 million on China shale, tight gas play in 2012

Shell plans to invest over $500 million this year drilling in shale gas and tight gas acreage in China, its chief financial officer Simon Henry said in an analyst call during its second quarter results announcement Thursday.

"There are several plays in our portfolio with PetroChina. We have two in Sichuan province in the south, southwest, and we have many CBM [coalbed methane] opportunities in the north ... We spent around $450 million last year. This year [we plant to spend] over $500 million. We're drilling about ... close to 20 wells this year. It's still very much in the exploration and appraisal [stage]," Henry was quoted as saying in a transcript of the call, which was out Friday.  MORE