China's shale gas stocks buoyed by supportive measures (2)

It has announced a subsidy of 0.4 yuan per cubic meter for companies developing the country's shale gas resources from 2012 to 2015.

The announcement came after a recent auction that attracted 83 developers to bid on the exploration rights for 20 gas reserve blocks across eight provincial regions with a total acreage of 20,002 square kilometers.

Tang Tingchuan, working with China National Petroleum Corporation, a pioneer in shale gas development, said the government's support is crucial to the sector. Support could include the exemption of resource tax and equipment import tariffs, improved pricing mechanism and financial subsidies, which companies need at an early stage.

According to the MLR statistics, China owns 25.08 trillion cubic meters of shale gas in its exploitable reserves.

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