(MENAFN) China's state energy giant PetroChina announced its plan to invest over USD1.6 billion in shale gas in 2014, The Peninsula Qatar reported.
Sources familiar with the matter said that the company's decision came due to domestic competition heating up after rival Sinopec announced a commercial find.
China has been finding difficulties in revolutionizing its energy supplies as it faces high drilling costs coupled with the complex extracting of shale gas.
The firm decided to increase its shale gas output target for 2015 to 2.6 billion cubic meters, up from the previous 1.5 billion.
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