China reveals 25tn cu metres of shale gas
China announced the results of its most extensive official appraisal of shale gas reserves on Thursday, having found potentially recoverable resources of 25.1tn cubic metres – less than previous estimates.
Although the figure is lower than an earlier estimate of 31tn cubic metres, China is still believed to have some of the largest reserves of shale gas in the world and has been working to develop shale gas as a cornerstone of its energy policy. The new estimate is enough gas to meet the country’s current consumption for nearly 200 years if fully extracted.
As Richard North points out, this changes everything:
Woodside might now have to abandon their plan to build the world’s second largest refinery complex near Broome.