PetroChina vows catch up with Sinopec starting with shale

HONG KONG (Bloomberg) -- PetroChina Co. plans to move out of the big shadow cast by its smaller rival. PetroChina, the country’s largest oil and natural gas producer, aims to catch up with main competitor China Petroleum & Chemical Corp., or Sinopec, in the production of shale gas, according to PetroChina President Wang Dongjin. “We are about a year and a half behind Sinopec in shale gas exploration because we concentrated our resources on the Longwangmiao natural gas project in Sichuan,” Wang said at a press conference in Hong Kong Aug. 28 after the company posted a 4% increase in first-half profit.

More »