China is sitting on tons of a new mineral resource, popularly called “combustible ice,” which experts have been touting as a new form of energy which could replace the industry standard of oil and gas.
As reported by China Daily, it took the Chinese government two decades to locate, study, and now mine the natural gas hydrate which forms in the seabed while being exposed to the oceanic pressure that very few vessels, let alone individuals, can withstand. One cubic meter of combustible ice can generate the same power or energy as 164 cubic meters of regular natural gas. China’s underwater reserves of combustible ice are reported to be massive and can match the energy supply of about 80 billion metric tons of oil.
The Ministry of Land Resources has already formally approved the gas as a mineral, ranking number 173 on the country’s list. Shale gas was recognized as a separate mineral six years ago.
Now that China has successfully extracted the mineral from its difficult-to-mine natural habitat, it may very well be on the verge of creating a source of energy that can “revolutionize the global industry.” Oil and gas analysts have long said that the gas hydrate is the best possible replacement for fossil fuel, which has been troubling economies and industries all over the world by its supposed increasing scarcity. Should China successfully convert combustible ice into a fuel substitute and sell it internationally, it just might corner the market on this new product.
Chinese government sources say that the combustible ice is being mined in the Shenhu Sea, which is located 320 kilometers southeast of Zhuhai in Guangdong. In charge of the drilling and production are the China Petroleum National Corp and the China International Marine Containers Group. They extract about 8,350 cubic meters of the gas hydrate daily.
Crypto breakdown: An Ethereum hard fork and the Fetch.ai network launches
The upcoming Istanbul Hard Fork will be the last stage of Ethereum network development associated with Ethereum 2.0. The activation...
Why are investors and startups are interested in EdTech?
Many companies are trying to facilitate the educational process using digital innovations. Today’s learning is not just about books and...
U.S. Authorities move to curb cannabis vaping
Vaping THC may cause serious diseases that have been tied to cigarette use. Fueled recently by a deadly lung illness...
Evotec and Celmatix plan to expand their strategic partnership
The stock of the biotech group Evotec (WKN: 566480), based in Hamburg, stands out positively. The reason may be the...
China Prepares for State Cryptocurrency by Censoring Anti-Blockchain Claims
China, the second-largest economic power in the world, is getting involved with cryptocurrency at a government level, in the hope...
- Featured4 days ago
How will Open API Technology impact the banking industry?
- Crypto6 days ago
Is Bitfinex manipulating the price of Bitcoin?
- Featured5 days ago
Berlin fintech Raisin aims to launch its savings platform in the US
- Featured5 days ago
Ant Financial is investing one billion dollars in Asian fintech startups