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PetroChina hails new shale discoveries amid modest production outlook

PetroChina trumpeted its progress on domestic unconventional oil and gas exploration on Sunday, but there are fresh signs China’s shale production is falling short of targets PetroChina trumpeted its progress on domestic unconventional oil and gas exploration on Sunday, but there are fresh signs China’s shale production is falling short of targets.
By Colin Shek 30 September 2019 Asia Pacific / Exploration & Production 0 34631
A PetroChina facility in the Ordos Basin. (PetroChina)

PetroChina announced new and significant shale discoveries on Sunday in a move likely calibrated to catch the eyes of Beijing’s policymakers in the run-up to China’s 70th anniversary this week.

The state-run oil and gas company said it had discovered 740.9 billion cubic metres of new proven shale gas geological resources in the Changning-Weiyuan and Taiyang blocks in the Sichuan Basin, a prolific gas production hub in southwestern China. The find increased the NOC’s total geological resources of shale gas in the basin...