Total to drill for shale gas with Sinopec in China


Total (TOT +0.8%) plans to seek shale gas with Sinopec (SNP -0.4%) by drilling in Anhui province, moving the European energy company closer to exploiting Chinese reserves.

The companies will drill for gas this year and next in the 1,500 sq. mile Xuancheng permit near Nanjing after carrying out two-dimensional seismic surveys in the five months through February.

China has set a national output target of 6.5B cubic meters of shale gas by 2015, and as much as 100B cubic meters by 2020.

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