China Petroleum and Chemical Corp. said on Oct. 15 that it has added newly proven shale gas geological reserves of 191.83 billion cubic meters (Bcm) at the Fuling gas field in the Sichuan Basin.
That raises the total estimated geological reserve of the Fuling block in southwestern China, the country’s first large commercial shale gas project, to 792.64 Bcm, according to a statement from the company known as Sinopec.
The newly proven reserves at Fuling were certified by the Ministry of Natural Resources, the company said.
Sinopec President Ma Yongsheng said earlier this year that the company aims to nearly double its shale gas output to 13 Bcm per year by 2025, in response to Beijing’s call to improve the country’s energy security and to boost natural gas consumption.
Sinopec has total proven geological shale gas reserves of 940.77 Bcm in China, the statement said.
Per-acre prices varied widely between $15 an acre and $11,353 an acre.
The Austin Chalk assessment, which includes the Tokio and Eutaw formations, is believed to also hold about 41.5 trillion cubic feet of natural gas, the report shows.
The wells were drilled by the Transocean Barents semisubmersible rig this summer in the Flemish Pass Basin.