PetroChina plans to spend around $1.6 billion on shale gas exploration this year, more than tripling its shale expenditures since 2010, sources close to the deal said.
The company’s decision comes a few months after rival Sinopec announced a commercially viable shale gas find.
PetroChina has also lifted its 2015 shale gas output target to 2.6 billion cubic meters (bcm), up from this year’s 1.5 bcm, according to a company officials.
“PetroChina wants to play catch up after Sinopec’s success,” said a government source who requested not to be named.
Since 2010, PetroChina has spent $482.39 million on pilot shale drilling.
