OREANDA-NEWS. By December 22, Sinopec Fuling Shale Gas Field of its Jianghan subsidiary has completed 75 test wells, marking an early completion of its annual target of testing 74 wells and increasing its production capacity by 2 billion cubic meters (bcm).

2 bcm of shale gas is equivalent to the annual civil use by 8 million families. Chongqing will benefit first from the capacity building. Sinopec sets the goal of adding 5 bcm by 2015 and 10 bcm by 2017 in the Fuling Shale Gas Field.

China Petroleum & Chemical Corporation, or Sinopec Limited, is a Chinese oil and gas company based in Beijing, China. It is listed in Hong Kong and also trades in Shanghai and New York. Sinopec is the world's fifth biggest company by revenue and its second biggest chemical producer.

Sinopec Limited's parent, Sinopec Group, is one of the major State Owned petroleum energy and chemicals companies in China, headquartered in Chaoyang District, Beijing. Sinopec's business includes oil and gas exploration, refining, and marketing; production and sales of petrochemicals, chemical fibers, chemical fertilizers, and other chemical products; storage and pipeline transportation of crude oil and natural gas; import, export and import/export agency business of crude oil, natural gas, refined oil products, petrochemicals, and other chemicals. In 2011 it ranked as the 5th largest company in sales in Forbes Global 2000. In 2009, it was ranked 9th by Fortune Global 500 becoming the first Chinese corporation to make the top ten and in 2010 it was ranked 7th. In 2007, it ranked first in the Top 500 Enterprises of China ranking.