US released China's shale gas policy research report

Recently, Columbia University released a research report on China's shale gas policy, and proposed policy recommendations for future development in light of the current status and problems of shale gas development in China. The research was funded by the US Department of Energy's Fossil Energy Bureau.

The report mentioned that the Chinese government has set a grand shale gas development target, but the challenges are still arduous. China's shale gas resources are buried deeper than the US shale gas resources, and the terrain is complex. Other surface factors include high initial mining costs, lack of competition, weak incentives for state-owned enterprises, limited data availability, and the participation of foreign companies in uncertain conditions.

China's shale gas mining has just begun, and there are about 200 wells drilled so far (about 100,000 wells in the US). In the next few years, China's shale gas production will not be large. In the medium and long term, low growth and high growth are possible.

The report believes that policies are key to achieving China's shale gas potential. The government’s role in the Chinese economy is crucial, especially in the energy sector.

It is estimated that China has abundant shale gas resources, ranking first in the world. However, China's shale is complex in geology and mining is extremely challenging. Early drilling was mainly in western Sichuan and Chongqing. Sinopec and PetroChina are leading the industry. Although Sinopec has made initial progress in the Fuling area of ​​Chongqing, the cost of drilling in the early days has remained high. It is estimated that by the end of 2013, Sinopec and PetroChina lost nearly $1 billion in shale gas drilling.

Foreign companies play an important role in the field of shale gas mining in China. In 2012, Shell and PetroChina signed the first shale gas production sharing contract (PSC) for the Sichuan Basin, but the progress of the block has been slow. Other international oil companies including Chevron, ConocoPhillips, Exxon Mobil and Hess also cooperated with PetroChina or Sinopec in the field of shale gas through joint research agreements.

The report draws six conclusions: First, China will not achieve large-scale exploitation of shale gas in the next few years, after which both low-speed growth and high-speed development may occur. Second, the main obstacles to the development of shale gas include : High mining costs, weak incentives for state-owned companies, lack of competitiveness, limited restrictions on foreign companies and limited data available; third, government policies will play a key role in determining the future development of shale gas in China; China's shale gas mining is likely to have a positive impact on the environment to a serious negative impact. Fifth, water supply will become one of the limiting factors in some areas in the medium and long term. Sixth, the US and Chinese governments for shale Gas has a common interest.

In the report, five suggestions for the further development of China's shale gas industry were put forward: First, accelerate market-oriented reforms, including continuing to promote natural gas price reform, accelerate pipeline reform, encourage mineral rights competition, and improve data availability; Provide a clear roadmap for foreign companies, including developing a production sharing contract model, adopting a rolling overall development plan, etc.; third, strengthening supervision capabilities; fourth, investing in innovation; and fifth, strengthening inter-ministerial coordination.

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