China Unveils Zone with Large Shale Oil Reserves

As a result of independent innovation capacity, China National Petroleum Corporation's Daqing Oilfield announced that it discovered a continental shale oil zone with predicted geological reserves of 1.27 billion metric tons on Aug 25.

China's largest land petroleum production base, Daqing Oilfield has produced more than 2.4 billion tons of crude over more than 60 years.

The newly-discovered shale oil zone is a theoretical breakthrough from the source to production of continental shale oil, which is of great significance in guaranteeing national energy security and promoting development of the shale oil industry.

According to Daqing Oilfield, it aims to increase proved shale oil reserves by 1 billion tons during the country's 14th Five-Year Plan period (2021-25) and to realize an annual shale oil output of more than 1 million tons.

(Executive editor: Niu Yilin)