Shale gas development test multi-party management wisdom

Abstract : Compared with coal and oil, shale gas combustion process is cleaner and emits less, so it has good economic benefits and social environmental benefits. In addition, shale gas has become an international energy economy, geopolitics, A game tool for military diplomacy and climate negotiations. In this context...
“Compared with coal and oil, the shale gas combustion process is cleaner and emits less, so it has good economic benefits and social environmental benefits. In addition, shale gas has become an international energy economy, geopolitics, and military. A game tool for diplomacy and climate negotiations. In this context, accelerating the development and utilization of shale gas in China is of strategic importance for optimizing domestic energy structure, safeguarding national energy security, and promoting energy production and consumption revolution. Li Yuxi, a researcher at the Mineral Resources Reserve Evaluation Center of the Ministry of Resources, said at the seminar on the development trend of shale gas industry held by the All-China New Energy Chamber of Commerce.

China needs to develop shale gas

Following the State Council’s issuance of the “Twelfth Five-Year National Strategic Emerging Industry Development Plan” in July 2012 for the first time to include shale gas in strategic emerging industries, the National Energy Administration issued “Shale Gas” on October 22, 2013. Industrial Policy, for the first time, shale gas is given as a separate industry to support policy.

“In order to promote the industrialization of shale gas in China, China has introduced a policy of financial subsidies for shale gas mining, that is, during the period of 2012-2015, the central government will subsidize shale gas mining enterprises by 0.4 yuan/m3. According to the "Shale Gas Industry Policy", the shale gas ex-factory price will be market-priced and encourage various investment entities to enter the shale gas sales market." Li Yuxi believes that the country has successively introduced a series of policies for shale gas. Mining has played a role in escorting.

In order to accelerate the exploration and development of shale gas and implement the "Shale Gas Development Plan (2011-2015)", Zhang Yuqing, deputy director of the National Energy Administration, recently hosted a meeting to urge the implementation of the "12th Five-Year Plan". It is understood that in 2013, the exploration and development situation in some areas of China was better than expected, and the current shale gas production has exceeded 2 million cubic meters per day.

Enterprises generally believe that the state has formulated relevant preferential policies to encourage the development of shale gas industry, especially the central government subsidy of 0.4 yuan / cubic meter, which greatly improved the enthusiasm of enterprises to explore and develop shale gas. Some enterprises have proposed that in terms of central financial subsidies, they hope that the government will further refine the fiscal and taxation measures in the shale gas industry policy, clarify the subsidy standards during the 13th Five-Year Plan period, and strengthen scientific and technological research and technical standards. “The shale gas support policy, scientific and technological research and standardization issues reflected by various enterprises, the National Energy Administration will continue to communicate and negotiate with relevant departments to study policy issues and create a good environment for the development of shale gas.” Zhang Yuqing gave this A positive response.

At the same time, the development of shale gas in China is gratifying, which makes the industry full of expectations for the future development of shale gas industry. “As of the end of September 2013, there were 142 shale gas drilling projects in the country. From the progress in 2013, there is no problem in achieving the established target of 6.5 billion square meters in 2015,” Li Yuxi said.

For the shale gas reserves in China, the shale gas resources evaluation results of the Ministry of Land and Resources show that the geological resources of shale gas in China is about 134 trillion cubic meters, of which the recoverable resources are 25 trillion cubic meters. According to the US Energy Information Administration (EIA), China has the world's largest shale gas reserve, exceeding US reserves. According to Zhang Jinchuan, director of the Energy Experiment Center of China University of Geosciences (Beijing), compared with the shale gas development basins (and regions) in the United States, the Paleozoic strata in China have a wide distribution range, large stratum thickness, and generally high organic matter content, and shale gas exists. A large number of regional geological conditions.

All aspects of the industrial chain are "profitable"

China's traditional energy security strategy of “mainly self-sufficient coal and focusing on the introduction of oil and gas” is not enough to solve China's energy security problems, and the coal-based energy system is not conducive to China's environment in the long run. Sustainable development. The sudden emergence of shale gas in unconventional natural gas has become a new bright spot in the exploration and development of global oil and gas resources, and has gradually evolved into an all-round transformation. The world's major resource countries have increased their exploration and development of shale gas.

"At present, China is transforming high-carbon energy represented by coal and petroleum into a new stage of low-carbon diversification with natural gas as a bridge. The development of shale gas industry is not to reduce costs and technical problems, but to The problem of scale," said Chen Weidong, a researcher at CNOOC Energy and Economic Research Institute. It is understood that accelerating the development of shale gas is of strategic significance to China. Once large-scale exploitation of shale gas can not only change China's energy supply pattern, it will also help to improve the voice and influence of China's energy external negotiations. Drive the development of domestic steel, chemical, cement, engineering construction, equipment manufacturing and other related fields and industries.

"In the future bidding work, market access should be further relaxed, allowing local, social, private capital, and foreign capital to enter all aspects of the shale gas field." Zhang Dawei, director of the Mineral Resources Reserve Evaluation Center of the Ministry of Land and Resources, said recently. According to the shale gas industry development plan, “to achieve the target of 100 billion cubic meters of shale gas production, at least 40,000 rock gas wells will be drilled. According to the forecast, the total investment demand for shale gas development will reach 1.75 trillion by 2020. Yuan.” Xu Bo, senior economist at the China Petroleum Institute of Economics and Technology, believes.

“In the long run, companies with financial strength and entering the field of shale gas mining will be the biggest beneficiaries.” Xu Bo said that with the development of China’s shale gas industry, enterprises in the exploration and mining industry chain, especially related Equipment providers, as well as drilling and fracturing service companies, will benefit first. Pipeline valve suppliers for storage and transportation, transport vehicle manufacturers, and companies with natural gas resources and distribution networks will also benefit, and natural gas transport companies will directly benefit from lower natural gas prices and increased sales.

“The advantages of shale gas development itself compared to conventional oil and gas exploration and development, relatively low cost and short return on investment cycle, enable SMEs to take the lead in the field of shale gas and rapidly develop into the United States. A new force in the field of shale gas development," said Zhang Libin, chief legal adviser to M&A in Asia and Australia by Siemens (China) Co., Ltd. Undoubtedly, the technological breakthroughs in the combination of directional mining, horizontal drilling and water fracturing technology in shale gas development have indeed made commercial shale gas development and production in the United States commercially viable. “However, the success of shale gas in the United States has deeper institutional guarantees.” Zhang Libin suggested that China’s market-oriented practice of shale gas exploration and development and even market-oriented reforms in oil and gas resources can be used for reference. The US oil and gas lease legal system establishes a legal system for oil and gas leases in line with China's national conditions.

Risk and opportunity coexist

According to the experience of the United States, the active participation of social capital, diversified financing channels, and flexible financial instruments have greatly promoted the development of its shale gas industry. “The large amount of capital required for shale gas is very large, and the investment risk brought by it is also very large.” Xu Bo suggested that domestic private enterprises should learn from the financing experience of US shale gas, that is, use equity financing before geological exploration is completed. After the completion of exploration and the production of mines have a certain amount of gas production, use debt financing; after completing the risk exploration, use project financing. However, China's investment and financing methods are very simple at present, and even powerful state-owned oil companies are difficult to meet such huge investment needs. Therefore, to promote the development of shale gas, it is urgent for our government and financial institutions to launch innovative financing models.

The insiders pointed out that the United States is very supportive of competition in the field of shale gas exploration and development, and attaches importance to the role of small and medium-sized enterprises. It has basically formed a combination of specialized division of labor and collaboration, organic replacement between small and medium-sized enterprises and large enterprises, and capital of various links in the industrial chain. Efficient flow development mechanism. “The shale gas mining in the United States has experienced three stages of reducing costs, attracting capital, and mass mining. In recent years, it has achieved remarkable achievements, which has accelerated the process of energy independence in the United States. At present, China is still in the stage of reducing costs, far from welcoming. Explosive growth, the US model can not be copied." Chen Weidong believes.

“For the huge investment in shale gas mining, private enterprises basically do not have this mining strength. In addition, the current shale gas better blocks have been divided by major oil companies, and it is difficult for private enterprises to get excellent. In the region, the difficulty of mining will increase.” Xu Bo believes that in terms of technology and equipment, private enterprises can purchase foreign technology as long as they have sufficient financial strength. However, large enterprises such as PetroChina and Sinopec are still slowly exploring. Therefore, time may be longer for private companies.

"At present, the main bodies of shale gas development in China are basically fighting each other, lacking effective coordination and coordination, and have not yet formed a national shale gas development idea, target and specific work plan, which is not conducive to the realization of shale gas industry in China. Healthy and orderly development by leaps and bounds." Li Yuxi said.

Experts believe that China's shale gas exploration and development is still in its infancy, and enterprises should always take precautionary measures to avoid business risks when investing in shale gas. The government should introduce some policy measures that are conducive to the development of shale gas industry, shale gas development. Test the management wisdom of many parties.

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