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Sinopec expects China shale drilling costs to drop to $50mn per well from $80mn

Published August 25, 2014 Updated August 25, 2014 08:16am

1 min

By Shoaib Ur Rehman

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HONG KONG: State-run oil company Sinopec Corp said on Monday it expects shale drilling costs in China to drop to $50 million per well from $80 million in three to five years.

Chairman Fu Chengyu was speaking at the firm's results briefing after it reported a better-than-expected 36 percent rise in second-quarter profit as an improvement at its refining and marketing businesses more than offset a weakening chemicals division.

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