Significant shale oil reserves discovered in China
Substantial shale oil reserves, exceeding 140 million tonnes, have been discovered at the Fangye-1 oilfield in Shandong Province, East China.
This discovery marks a significant development for China's petroleum industry, as it is the first shale oil field with proven reserves exceeding 100 million tonnes registered by the Ministry of Natural Resources of the People's Republic of China.
According to Xinhua News Agency, this also represents a major breakthrough in oil and gas exploration within the Jiyang National Shale Oil Demonstration Zone, which is part of the Shengli Oilfield in Shandong Province.
The technically recoverable reserves are estimated at 11.36 million tonnes.
Sun Yongzhuang, Assistant General Manager of Sinopec, China's largest oil refining and petrochemical company, and Executive Director of Shengli Petroleum Administrative Bureau Co., Ltd., noted that the estimated shale oil reserves in the Shengli Oilfield are equivalent to the conventional oil and gas reserves discovered in the same field over the past more than 60 years.
The Shengli Oilfield was discovered in 1961, and its development commenced in 1964.
Academics and experts indicate that this discovery could form the basis for the further development of the shale oil industry in China, which, in turn, may help the country reduce its reliance on oil imports and enhance energy security.
Shale oil primarily refers to liquid hydrocarbons contained within shale rock formations that can be extracted for processing.
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