China's Sinopec Discovers New Shale Oil Field with 100 Million Tons in Reserves

Strategic Insights -

Chinese oil refiner Sinopec has announced the discovery of a new shale oil field in the Sichuan Basin, with reserves of at least 100 million tons. The find was made in the Qijiang District of Chongqing Municipality in southwest China. Initial test production from the site showed a daily flow rate of 38.64 cubic meters of oil and 10,000 cubic meters of natural gas.

Key Takeaways:

  • Sinopec has discovered a new shale oil field in the Sichuan Basin with reserves of at least 100 million tons.
  • The field is located in the Qijiang District of Chongqing Municipality in southwest China.
  • Initial test production from the site achieved a daily flow rate of 38.64 cubic meters of oil and 10,000 cubic meters of natural gas.
  • Sinopec continues to expand its efforts in shale oil exploration and development, having identified three new large fields.
  • The corporation's shale oil production volume is expected to reach 705,000 tons by the end of 2024, a significant increase from the 2023 production volume of 397,000 tons (which seems to be the actual production target and not 308,000 more than 2023).

Statistics:

  • Reserves of at least 100 million tons in the newly discovered shale oil field in the Sichuan Basin.
  • Initial test production from the site achieved a daily flow rate of 38.64 cubic meters of oil and 10,000 cubic meters of natural gas.
  • Sinopec's shale oil production volume is expected to reach 705,000 tons by the end of 2024.
  • Sinopec has identified three new large shale oil fields, indicating a significant expansion of the company's shale oil exploration and production efforts.

Sources:

  • State Council News Beijing, Oct. 23 (Xinhua)
  • People's Republic of China