Sinopec Discovers New Shale Oil Reserve in Southwest China

Sinopec, China's largest oil refiner, has announced the discovery of a new shale oil reserve estimated at 100 million tonnes in the Sichuan Basin in southwest China. The company reported that an exploratory well drilled at the site has achieved a flow rate of 38.64 cubic meters of oil and 10,000 cubic meters of natural gas per day during test production. This discovery marks another significant milestone in Sinopec's efforts to increase China's stable crude oil production. As the country's largest oil refiner, Sinopec has been actively exploring and developing shale oil resources in recent years, with significant progress in discovering new large-scale shale oil fields.

Key Takeaways:

• Sinopec has discovered a new shale oil reserve estimated at 100 million tonnes in the Sichuan Basin in southwest China.
• The company has achieved a flow rate of 38.64 cubic meters of oil and 10,000 cubic meters of natural gas per day during test production at the site.
• This discovery marks a significant milestone in Sinopec's efforts to increase China's stable crude oil production.
• Sinopec has identified three new large-scale shale oil fields in recent efforts.
• The company's annual shale oil production reached 705,000 tonnes in the previous year, up 308,000 tonnes from the previous year.
• Shale oil is an unconventional oil and gas resource that contributes to stable crude oil production in China.
• Sinopec has continued to increase efforts in shale oil exploration and development in recent years.

Statistics:

• Estimated size of the new shale oil reserve: 100 million tonnes.
• Flow rate of oil: 38.64 cubic meters per day.
• Flow rate of natural gas: 10,000 cubic meters per day.
• Sinopec's annual shale oil production in previous year: 705,000 tonnes.
• Year-over-year increase in Sinopec's shale oil production: 308,000 tonnes.

Sources:

• Global Data Point, "Sinopec announces new shale oil reserve discovery in Sichuan Basin, southwest China", (2022).