Beijing: Sinopec, the largest oil refiner in China, has announced the discovery of two significant shale oilfields in the eastern region of the country, boasting a total of 180 million tonnes in proven reserves.
The identification of the Xinxing and Qintong oilfields, which received approval from China's Ministry of Natural Resources, represents a strategic initiative to explore and assess shale oil reserves within the continental rift basins of the nation.
This assessment marks the first application of China's independently developed industry standards for estimating shale oil and continental shale oil system data. According to Li Jinggong, head of the ministry's oil reserves assessment team, this development will enhance technical specifications and reserve evaluations for shale oil in the future, as reported by China's news agency, Xinhua.
Sinopec has set a target to achieve an annual shale oil production of 2 million tonnes by the conclusion of the 15th Five-Year Plan period (2026-2030), with an anticipated annual increase in proven reserves exceeding 100 million tonnes during this timeframe.
China, a leading global consumer of crude oil, ranks third in recoverable shale oil reserves worldwide. Data from the National Energy Administration indicates that the country's crude oil production reached 213 million tonnes in 2024, while shale oil output experienced a significant rise to 6 million tonnes, reflecting a year-on-year growth of over 30 percent.
