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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Beijing, Oct. 23 (Xinhua) — China's largest oil refiner Sinopec announced Thursday the discovery of a new shale oil field in the Sichuan Basin with reserves of at least 100 million tons.
The corporation announced that a new field was discovered in the Qijiang District of Chongqing Municipality (southwest China). During test production, an exploratory well drilled at this site achieved a daily flow rate of 38.64 cubic meters of oil and 10,000 cubic meters of natural gas, the statement said.
Shale oil refers primarily to liquid hydrocarbons contained within shale rock formations and capable of being extracted for processing. It is often found in organic-rich shales and thin layers of carbonate rocks, sandstones, and siltstones. As an unconventional oil and gas resource, shale oil represents an important source for ensuring long-term stable crude oil production in China.
Sinopec continues to expand its efforts in shale oil exploration and development, having identified three new large fields. By the end of 2024, the corporation's shale oil production volume will reach 705,000 tons, 308,000 tons more than for the whole of 2023. -0-
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