On December 6, Chevron announced that it would delay its $6.4 billion Chuandongbei gas project in China due to disagreements with partner PetroChina on how to develop the field. The project is Chevron’s largest investment in China and is slated to produce around 7.6 billion cubic meters of natural gas per year. For Chevron, China is a key market. China has the world’s largest population and, according to many economists, will have the world’s largest economy within a decade. Since electricity usage generally correlates with GDP growth, China’s energy demand is projected to increase significantly. As much as Chevron needs China, China also needs Chevron. Here are four reasons why. Huge potential that only Western tech can unlock According to the Energy Information Agency, China has the world’s largest technically recoverable shale gas resource at around 1,115 trillion cubic feet. China’s shale gas is located in tougher, more foreboding geological formations than […]