Shell to invest $1bn a year in China shale gas strategy

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http://www.guardian.co.uk/business/2012/aug/21/shell-invest-china-shale-gas-fracking


Fracking to produce shale gas has sparked protests in many parts of the world. Photograph: Alamy

Royal Dutch Shell plans to spend at least $1bn (£633m) a year exploiting China's potentially vast resources of shale gas, the firm's top China executive has said, in an aggressive strategy to expand in the world's biggest energy market.

Shell in March secured China's first product sharing contract for shale gas, hoping that getting in early will allow it to be a big beneficiary from the sort of boom in shale that has transformed the US energy market.

Asked if the firm remained committed to a plan to invest $1bn a year in China's shale gas over the coming few years, Lim Haw Kuang said: "Yes, yes and yes."