Beijing: Sinopec, China's largest oil refiner, has announced the discovery of two major shale oilfields in the east of the country with combined proven reserves of 180 million tonnes, after the discovered reserves in the Xinxing shale oil field in eastern China underwent review and registration by the Chinese Ministry of Natural Resources.
Sinopec affirmed that these reserves represent the first batch to be confirmed under the shale oil reserve estimation rules, which took effect last January, making the Xinxing field the first shale oil field in China to surpass the 100-million-ton reserve threshold.
The field is located in the Shengli Jiyang National Shale Oil Model Zone, operated by Sinopec in Shandong Province, eastern China, with data indicating that geological reserves exceed 140 million tons, while recoverable technical reserves are estimated at 11.36 million tons.
In addition, Sinopec continues to intensify shale oil exploration and development, achieving major breakthroughs across multiple sites as part of a strategy to enhance China’s energy security and reduce reliance on crude oil imports. — ONA
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