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.
Chisholm Oil & Gas retained Stephens Inc. for the sale of a nonoperated opportunity in the STACK play of Oklahoma, the majority of which is located in Kingfisher County.
Jetstream Royalty Partners retained TenOaks Energy Advisors as its exclusive adviser in connection with the sale of its Delaware Basin royalty properties in New Mexico and West Texas.
Petrox Resources Inc. retained EnergyNet for the sale of operated interests in producing assets in Wyoming’s Campbell County through an auction closing Oct. 27.