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Sinopec spends big to hit shale gas targets

Figures from Bloomberg New Energy Finance reveal that the country's costs are higher than competitors

China is likely to hit its shale-gas production target next year, but it will come at a high price as costs in the country’s shale patch remain far higher than in the US, according to a new Bloomberg New Energy Finance (BNEF) report. Beijing is keen to tap into its potentially world-beating shale gas resource to help cut its reliance on coal and boost energy security and it has set a series of production targets for its state-owned oil and gas producers. The government is targeting annual output of 6.5 billion cubic metres (cm) by 2015, around 3% of total consumption, with a quick ramp-up to 60bn cm to 100bn cm by 2020. Both targets were seen as overly ambitious until a breakthrough earlie

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