Petrochina ups shale gas target to 2.3% of Chinese gas demand by 2015.

Guardian: “Chinese state energy group PetroChina plans to spend more than 10bn yuan (£950m) on shale gas fracking this year as domestic competition heats up after rival Sinopec announced a commercial find.”
“Faced with high drilling costs and the complexity of tapping shale gas, China has struggled to revolutionise its energy supplies. But now the country wants to unlock what could be the world’s largest shale gas reserves by emulating the success of the US shale boom.
PetroChina’s decision to triple its shale gas spending comes months after Sinopec lifted hopes that China is near a breakthrough by announcing a commercial find.
PetroChina, Asia’s largest oil and gas producer, has also lifted its 2015 shale gas output target to 2.6bn cubic metres (bcm), up from the previous 1.5 bcm, according to a company official and a government source.
That would represent only about 2.3% of China’s total natural gas output of around 113 bcm last year. “PetroChina wants to play catch up after Sinopec’s success,” said a government source who has been briefed on PetroChina’s plans.”