Saturday, March 17, 2012

Sichuan Basin Shale Gas Well Test indicates promise

Sinopec was successful in their test well in the Sichuan Basin. The well indicated that it is capable of producing 507,000 cubic meters of Natural gas. Before this well had been drilled the overall amount of recoverable reserves of shales gas was approximately 25.08 trillion cubic feet of natural gas. Both of these signs indicate that the future of shale gas in China is very bright. This also may indicate economic growth for the global energy services sector. These companies' controversial technology of hydraulic fracturing will become most likely as prevalent in China as it is now in the United States. Considering the number of reserves of shale gas in basins, like Sichuan, that have a large amount of water resources it makes sense that these technological practices will indeed move forward as China begins to understand more about their shale gas assets.

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