China has ambitious targets to boost natural-gas consumption. It also sits on extensive deposits of shale gas that may be among the world’s largest. Put those two facts together and you might anticipate a repeat of the gas boom seen in the U.S., where fracking has transformed energy policy. China’s National Energy Administration has targeted shale gas output by 2020 of 60-100 billion cubic meters. Current output is roughly zero. Foreign oil companies are licking their lips at the prospect of a Chinese gas rush...
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