China, with an 1,275 trillion cubic feet (tcf) of technically recoverable shale gas resources, is certainly not short of supply, but what it does lack is the technology and know-how to extract the hard to reach gas from the country’s complex shale formations.
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It has tasked its three major state-owned oil and gas companies: PetroChina, Sinopec Corp. (NYSE:SHI), and CNOOC Ltd.(NYSE:CEO), with acquiring the requisite expertise in shale development from foreign operators to unlock their vast domestic reserves.
And PetroChina, the listed arm of state-run China National Petroleum Corp. (CNPC) and the largest downstream operator of the three, has increasingly been turning to Shell to achieve this.
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