China to Speed Up Shale Gas Development in 2012

China’s land and resources ministry said Sunday that the country would speed up the development of the shale gas industry in 2012.

The move comes after the cabinet recently approved listing of the gas as an independent mineral resource. China has so far discovered 172 mineral resources, including shale.

China has a rich reserve of shale gas resource, estimated at 31 trillion cubic meters, equivalent to the total amount of conventional natural gas.

If developed properly, the country's shale gas output will exceed 100 billion cubic meters in 2020.