China awards shale rights to Sinopec

China has awarded the rights to explore two shale gas blocks Sinopec Corp and another provincial gas company.China’s Ministry of Land and Resources said that Sinopec, the country’s second largest […]

Register now!

By Vicky Ellis

China has awarded the rights to explore two shale gas blocks Sinopec Corp and another provincial gas company.China’s Ministry of Land and Resources said that Sinopec, the country’s second largest oil producer, plans to invest US$90 million in the Sichuan Basin, reported the Chinese government’s website, China.org.cn.

China is the world’s largest energy consumer and its electricity consumption is expected to grow by over 4% a year through 2030, according to the US Department of State.

The country has been investing heavily in renewables since 2009 but recently overtook the USA as the biggest carbon emitter.