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SZ China Natural Gas Bi-weekly Report Jan 16 - Feb 15,2012
[Monday, Feb. 27, 2012] PRINT EMAIL FAV PDF
 
A New Direction for China’s Massive Shale Gas Reserves
 
It’s estimated that China holds more natural gas – locked in its huge shale reserve – than the U.S.
 
And while the country hasn’t yet begun commercial production, a new Chinese law has just given the green light to start allowing North American companies to develop shale gas inside its borders — where natural gas prices are significantly higher than North America’s.
 
In short, China recently designated shale gas as an independent resource, which means that smaller energy companies – and this could include some from outside of China – will be able to develop the resource in China. As I said, China has NO commercial shale gas—but big reserves.
 
China’s Ministry of Land and Resources did this to bring more firms into the sector. The Asian country’s energy sector is currently dominated by massive Chinese companies like PetroChina.
 
China would seek to launch a second round of shale gas tenders in early 2012.
 
China only uses clean burning natural gas for 4% of its energy supply, compared to 20% + for most of the modern world - and it is already the third largest consumer of natural gas in the world (after USA and Russia). They have a goal of getting to 10% by 2020. China is increasing their gas supply now via pipelines from foreign countries like Turkmenistan, Kazakhstan, Uzbekistan, Myanmar and Russia.
 
Natural gas prices vary widely across the country, as they are subsidized in some areas to keep inflation low.
 
Firms from outside of China will not be allowed to participate in the tenders. However, outside firms will be able to partner with the Chinese companies that win them.
 
This move could have major implications for any companies that partner with the winning Chinese firms as the Asian nation has an incredible amount of shale gas reserves.
 
The U.S. Energy Information Administration estimated that there was 1.275-QUADRILLION-cubic-feet-worth of “technically recoverable” shale gas in China. By comparison, the U.S. – which has led the way with the development of shale gas – has “only” 862 trillion cubic feet.
 
China has shown it’s eager to develop its energy resources—they’re on the record saying they want to increase oil and gas output by 23% by 2015 to 360 million tons equivalent—and to 450 million tons by 2030.
 
In terms of just shale gas, China says it hopes to produce 229.5 billion cubic feet of the resource by 2015. By 2020, the country is targeting 2.82 trillion cubic feet of shale gas production—almost a ten-fold increase in just five years.
 
Because of these enormous reserves, whatever foreign companies are able to partner with the winning Chinese firms will be in a strong position.
 
To date, only the large Chinese firms have been winning bids to develop shale gas.
 
Earlier in Jan it was reported that China National Offshore Oil Corp, or CNOOC Ltd., which is the biggest Chinese offshore energy producer, began drilling its first shale gas project in the country.
 
Large companies dominated the first round of tenders in June. This second auction will likely see smaller companies get involved in shale gas, due to the resource’s new designation.
 
Because of the challenges posed by recovering these unconventional resources, Chinese companies have been attempting to gain technical expertise by partnering with foreign firms to develop shale gas abroad.
 
One of the most prominent such ventures was Sinopec’s acquisition of one-third of Devon Energy Corp. for $900 million in cash.
 
Fact is, China has a truly massive reserve of shale gas. And any company that is able to partner with a firm developing the resource in China could potentially realize significant profits.

 
 
Index:
 
 
 
 
 
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