BAODING, China -- Chinese state-run energy giant Sinopec has drilled hundreds of wells across the country without finding a single drop of oil. Chen Menghui, director of Sinopec's geothermal branch in Hebei, said the process depends on a cycle of running water. An Icelandic AllyBefore launching itself into the geothermal industry, Sinopec found an unusual partner in the Icelandic company Arctic Green Energy. In a joint venture beginning in 2009, they invested 400 million yuan (US$58 million) into the Xiong project, where they drilled almost 70 wells. According to Sinopec, Xiong has become China's first "smokeless town" by eliminating the coal-fired heating systems common throughout other parts of the country.

Source: The China Post February 26, 2017 16:09 UTC