(Yicai Global) Nov. 30 -- The first domestic shale gas development project led by the Research Institute of Petroleum Exploration and Development, has withstood the approval procedures of the Ministry of Science and Technology, but the current increase in shale gas capacity is insufficient to compensate for the shortfall in fossil energy supplies.
Starting in 2013, the project has carried out 225 field tests, applied for 45 patents and conducted basic theoretical research in many fields, such as geological development, drilling engineering, gas storage engineering and rock strata transformation, which are expected to provide scientific basis and theoretical support for improving the single-well output of shale gas.
The National Energy Administration released a plan for future development of shale gas in September last year, per which shallow-sea shale gas exploration and development technology will improve by 2020, and a total of 30 billion cubic meters of shale gas will be produced. By 2030, the country will have comprehensively improved shale gas development technology, found new large gas fields and achieved a total of yield of 80 billion to 10 billion cubic meters.
However, the current increase in shale gas capacity is insufficient to compensate for the shortfall in fossil energy supplies in the short term, and oil prices will not be affected by the output of shale gas, chairman of state-owned energy giant China National Petroleum Corporation (CNPC) Wang Yilin said at a recent round table meeting hosted by Abu Dhabi National Oil Co, the world's fourth-largest petroleum firm.