Explorers look to the long term with shale gas

Concerns over import dependency force companies to search for other fuel sources

With their eyes on long-term diversification of domestic energy supplies, Chinese oil giants will maintain their shale gas exploration drive this year even as global crude prices have tumbled.

Affected by weakening demand from China, the world's second-largest oil consumer, and a glut in the global market, the spot price for West Texas Intermediate Crude plunged below $50 per barrel on Jan 5, the lowest since April 2009.