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Politics : Peak Oil reality or Myth, of an out of Control System
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From: dvdw©6/24/2015 3:49:39 PM
of 1580
 
OutTake and article.One of three Chinese state-owned oil majors, Sinopec Group, is interested in investing in the US liquefied natural gas (LNG) sector. Jack Yu, managing director of Sinopec D.C., which handles government relations with the US, said last week that Sinopec wants to make minority investments in US shale oil and gas projects as China seeks to diversify its oil and gas supplies. He said that Sinopec is keen to take a 10-15 percent state in US LNG projects.Though US oil prices have fallen to around half of what they were this time a year ago, Yu said that the valuation of US projects remain elevated, limiting opportunities for bargain hunting. “Not only do we want to be an LNG buyer, we also want to invest in projects and become shareholders,” the Sinopec senior official said.

“LNG contracts are for 20-25 years. If you miss the window to export to China, there will be no window for you,” he said. He added that “in the foreseeable future, we don’t expect China’s oil and gas production to increase significantly.” Yu’s analysis is correct. China’s largest oil fields have matured and production has peaked, while its shale gas plans are fraught with both technical and geological problems trying to access gas deposits in hard to reach and remote locations.

breakingenergy.com
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