Sinopec expects China shale drilling costs to drop to $50 mln per well from $80 mln

HONG KONG Mon Aug 25, 2014 4:10am EDT

HONG KONG Aug 25 (Reuters) - 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; Editing by Anne Marie Roantree and Tom Hogue)