Sinopec Corp., China’s biggest shale gas operator, said on March 25 it plans to develop a new field this year able to produce 1 billion cubic meters (Bcm) of shale gas annually.
The state-run company said the field will tap a proven reserve equivalent to 124.7 Bcm of gas at Weirong in the southwestern province of Sichuan. This marks its second major shale gas discovery after a flagship development at Fuling in the Chongqing region, situated in the same geological basin of Sichuan.
The company is drilling for shale gas in a 20,000-sq-km area in southern Sichuan as well as western Chongqing. It earlier set a target to produce 10 Bcm per year of shale gas by 2020.
China’s shale gas output accounts for only a small part of the country’s total gas production, at about 6%.
Separately, Sinopec reported high volumes of gas flows in an exploration well Dongye-1 in the Dingshan-Dongxi Block, close to Chongqing. The well, which extends some 4,200 m below surface level, yielded daily output of 310,000 cu. m in test production, Sinopec said.
Chevron, the second-largest U.S. oil producer, is expected to post earnings per share of $3.12 in the fourth quarter, according to 19 investment analysts polled by Refinitiv, compared with a 20-cent loss a year ago.
Hess plans to pay off debt and increase its base dividend once its second production unit in Guyana is operational, executives told investors during its fourth-quarter conference call.
Guyana's Stabroek block is expected to produce 1 million barrels per day of oil and gas by 2027.