China Shale Drilling Costs Expected to Fall

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.

(Reporting By Charlie Zhu)