China to Boost the Gas Economy
By the end of 2011, five LNG terminals were operating in China with a total regasification capacity of approximately 1 trillion cubic feet (tcf). This will climb to 2.8tcf by the end of 2016 at an Annual Average Growth Rate (AAGR) of 19.7%, due to the introduction of a further 11 terminals.
Chinese Industry Explores Shale Gas Opportunities
In March of this year, the Chinese government announced a new shale gas development plan, one of the stated aims of which is to produce 6.5bcm of natural gas by 2015. The government also announced that the country has onshore shale gas reserves of 134.4tcm and exploitable shale gas reserves of 25.1tcm (excluding the Qingzang Plateau area in the Tibet region) – a declaration that confirms China as one of the largest holders of shale gas reserves in the world.
Previously in December 2011, China stated the aim to produce 30bcm of Coalbed Methane (CBM) by 2015. 16bcm of this is expected to come from ground-based projects and the remaining 14bcm from coal mine projects.