Decision by PetroChina, Asia’s largest oil producer, to triple spend comes after rival Sinopec announced commercial find
Chinese state energy group PetroChina plans to spend more than 10bn yuan (£950m) on shale gas fracking this year as domestic competition heats up after rival Sinopec announced a commercial find.
Faced with high drilling costs and the complexity of tapping shale gas, China has struggled to revolutionise its energy supplies. But now the country wants to unlock what could be the world’s largest shale gas reserves by emulating the success of the US shale boom.