China’s Sinopec to boost natural gas output by 60%
The company plans to go carbon neutral by 2050.
China state-owned oil and gas company, Sinopec, plans to raise its domestic natural gas output to 48 billion cubic meters (bcm) by 2025, a nearly 60% increase from 2020.
The company plans to focus on tapping on gas resources in the Sichuan basin in the southwest and Erdos in Northern China.
Sinopec said it will produce 13 bcm of shale gas from the Sichuan basin by 2025, which makes up nearly 30% of its total gas output.
The company had pledged to be carbon neutral by 2050 and will be leaning on its gas-producing segments versus oil and start investing in hydrogen as a transportation fuel.