China Petroleum and Chemical Corp. (Sinopec) said Monday it has “made significant breakthroughs” in shale gas exploration and development and that it plans to develop the country’s first shale gas field — Fuling —  faster than previously thought, with annual production of 10 billion cubic meters (353 Bcf) by 2017.

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“This marks an important strategic breakthrough in China’s shale gas development and signifies the country’s earlier-than-expected entry into large-scale commercial development phase,” Sinopec said. “This encouraging progress will play a significant role in accelerating the structural adjustment of China’s energy industry, relieving pressure on natural gas supply from central and eastern China, and promoting energy conservation and emission reduction, as well as air...