Shares of Chinese shale gas companies were lifted by news that the country is considering policies to spur exploration of the natural resource.
China's shale gas costs are more competitive than imported fuel supplies, according to HSBC Holdings Plc.
China is exploring an optimized energy structure by tapping into shale gas resources through the joint efforts of authorities, firms and researchers.
The National Development and Reform Commission has approved the establishment of a shale gas demonstration project in Yan'an, conducted by the Shaanxi Yanchang Petroleum Group Co Ltd.
China is making an unprecedented effort to explore and develop shale gas resources, but the country will not achieve a breakthrough in the short term, experts said.
China's natural resource watchdog is considering preferential fiscal and tax policies to spur the shale gas exploitation as part of efforts to optimize the energy consumption structure.
China will launch its second shale gas exploration tender on Oct 25, as it accelerates the search for its potential vast reserves of the energy resource.
Royal Dutch Shell plans to spend at least $1 billion a year exploiting China's potentially vast resources of shale gas, the firm's top China executive said.
Natural gas prices in China may rise 80 percent from current levels as the government stimulates domestic production from shale to reduce its energy imports.
A large-scale development of oil shale in the future would help balance the global oil price and offer China more opportunities to speak.
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