Shell Earmarks $1 Billion for Chinese Shale Investment

Bloomberg reported that Shell plans to invest $1 billion in developing Chinese shale assets after winning a contract with China National Petroleum Corp.

As quoted in the market report:

China is working with overseas partners to introduce hydraulic fracturing, the technology known as fracking that breaks open underground shale rocks to release natural gas, as it seeks to boost domestic consumption of the cleaner-burning fuel. Shell and CNPC had drilled 24 wells by November and planned a further 14 this year, Maarten Wetselaar, executive vice president of Shell Upstream International, said Nov. 15.

To view the whole Bloomberg report, click here.