World news – weekly shale update, 4 - 10 August

Selected international news from shale gas exploration and production industry

China

China adjusted downwards by a half its shale gas production estimates. According to initial estimates of 2012, 50-80 Bcm were to be produced by 2020. The latest estimates by Chinese government state just 30 Bcm.

Ukraine

According to BiznesAlert.pl, shale gas exploration projects have been suspended in east Ukraine due to hostilities in exploration areas. Moreover, the future of Ukrainian shale oil and gas sector will be contingent on the so-called war tax. A temporary 1.5% military duty on personal income has been in effect in Ukraine since 1 August. Extraction tax rate are up, too. Gas exploration and prodcution tax rate will increase to 55% (from the current 28%). Higher rates and military duty are to be in effect until January 2015.

USA

Washington prepared new sanctions on Russia that cover also its extraction sector. Severe restrictions to the transfer of technology and equipment used for oil and gas production from deep reservoirs and shale rocks will be introduced. Export of equipment (including that for well drilling, reservoir stimulation and computer software) will be each time subject to licensing.

11.08.2014

sources: biznesalert, gazlupkowy.pl

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