Shell Pledges $1 Billion Annual Investment in Chinese Gas

MarketWatch reported that Shell intends to invest $1 billion annually in its Chinese gas business, in an effort to tap into the tremendous potential of the country’s burgeoning demand for natural gas.

As quoted in the market report:

The company has drilled 13 out of 21 planned wells in the Jinqiu block and will complete 21 by April 2013, the newspaper said. The Jinqiu project achieved first gas production last September and currently has a daily output of 110,000 cubic meters. Meanwhile, Shell is still assessing whether commercial development at the Fushun-Yongchuan block is viable, and drilling at the 15 wells could start by the end of 2012 or early next year, the report said, without elaborating.

To view the whole MarketWatch report, click here.