China’s Major Shale Oil Discovery
A major discovery of substantial shale oil reserves has been made at the Fangye-1 oilfield in Shandong Province, East China. The reserves exceed 140 million tonnes, marking a significant development for China’s petroleum industry.
This discovery is particularly noteworthy 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. The oilfield is located within the Jiyang National Shale Oil Demonstration Zone, part of the Shengli Oilfield in Shandong Province.
According to estimates by Xinhua News Agency, the technically recoverable reserves at the Fangye-1 oilfield are around 11.36 million tonnes. Sun Yongzhuang, Assistant General Manager of Sinopec, China’s largest oil refining and petrochemical company, highlighted the significance of this discovery, noting that the shale oil reserves in the Shengli Oilfield could rival the conventional reserves found in the field over the past six decades.
The Shengli Oilfield was first discovered in 1961, with development starting in 1964. Experts believe that this new discovery could pave the way for the further development of the shale oil industry in China. This, in turn, may help the country reduce its dependence on oil imports and bolster energy security.
Shale oil refers to liquid hydrocarbons found in shale rock formations that can be extracted for processing. This latest find has the potential to reshape China’s energy landscape and drive advancements in the country’s oil and gas sector.
Overall, the discovery of substantial shale oil reserves at the Fangye-1 oilfield represents a significant milestone for China’s petroleum industry, with far-reaching implications for energy security and independence.
ORIENT news
Photo: radiosputnik.ru
