China Closer To Joining Shale Gas Fracking Craze

“China’s reserves are almost 50% greater than those of the U.S., according to the U.S. Energy Information Administration.”

Forbes reports:

The Chinese government will step into fifth gear this year when it comes exploring for natural gas hidden under thick shale rock beneath the earth’s surface, an official said over the weekend. China’s been promising to move forward on shale gas production for the past two years…

At the end of of 2011, China energy majors Sinopec (SNP) and Cnooc (CEO) have expressed interest in acquiring a 30% stake in privately held Texas-based fracking company Frac Tech International to operate in the U.S. If that deal ever closed, China would gain the necessarily expertise to pursue shale gas exploration at home…

Read the entire article.

One response to “China Closer To Joining Shale Gas Fracking Craze

  1. we can already anticipate the consequences. it’s sad how multinational the companies that frack are, frac tech international is clearly not in the interest of texas. although it does provide some immediate boom the billions of dollars are going largely to foreign investors and rich people

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