Two major shale oil deposits discovered in China
Two major shale oil deposits with combined reserves of 180 million tons have been discovered in China, marking a significant development for the country's energy sector.
The discovery was made by China's largest oil company, Sinopec, in the eastern part of the country, within the Bohai Basin and the Subei Basin. These deposits, known as Xinshing and Qintong, are located at depths ranging from 2.9 to 4.5 kilometers. The new reserves are expected to ensure stable and long-term production, which is crucial for China, one of the world's largest oil consumers.
Sinopec plans to increase annual shale oil production to 2 million tons by 2030, as well as to increase proven reserves by 100 million tons per year. This discovery also highlights the growing role of shale oil in China's energy balance, where shale oil currently accounts for only 1% of total production. The availability of such reserves could significantly improve the country's energy security and reduce its dependence on oil imports.
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