Beijing - Saba:
China has announced the discovery of its first shale oil field with reserves exceeding 100 million tons.
This discovery comes after the discovered reserves in the Xinxing shale oil field in eastern China passed the review and registration process by the Chinese Ministry of Natural Resources.
The China Petrochemical Corporation (Sinopec) confirmed in a press release that these reserves are the first batch confirmed according to the "Rules for Estimating Shale Oil Reserves," which came into effect last January. This makes the Xinxing field the first shale oil field in China to exceed 100 million tons in reserves.
The field is located in the Shengli-Jiyang National Shale Oil Demonstration Area, affiliated with Sinopec, in Shandong Province, eastern China.
Data indicates that the discovered geological reserves in the field exceed 140 million tons, while the technically recoverable reserves are estimated at approximately 11.36 million tons.
Sinopec continues to intensify its efforts in shale oil exploration and development, contributing to major breakthroughs in several exploration areas, as part of a strategy aimed at enhancing China's energy security and reducing its dependence on crude oil imports.
| more of (International) |