SunSirs: China Discovers Hundreds of Millions of Tons of Shale Oil Resources

According to China Chemical News, on October 23, the Sinopec News Office announced that the Qiluye-1 well—a high-risk exploratory well deployed by Sinopec Exploration in Qijiang District, Chongqing—has demonstrated a high-yield shale oil and gas flow with a trial production rate of 38.64 cubic meters of oil and 10,000 cubic meters of natural gas per day. Regional evaluation based on this well indicates that Sinopec has discovered a new shale oil reserve area with resources reaching hundreds of millions of tons in the Sichuan Basin. This discovery holds strategic significance for shale oil exploration and development in southwest China.

As an unconventional oil and gas resource, shale oil offers broad development prospects and serves as a crucial replacement force for China's long-term stable crude oil production. Sinopec has continuously intensified its shale oil exploration and development efforts, discovering three new large-scale shale oil fields in the Xinxing, Zhen'tong, and Fuxing formations. By 2025, it successfully submitted over 140 million tons of proven geological oil reserves in shale formations. The Zhen'tong Oilfield, located in the North Jiangsu Basin, submitted 40.02 million tons of proven geological oil reserves in shale formations by 2025. The Fuxing Oilfield, situated on the southeastern margin of the Sichuan Basin, successfully submitted proven geological reserves of 20.1006 million tons of oil and 12.352 billion cubic meters of natural gas in 2025.

In 2024, Sinopec's annual shale oil production reached 705,000 tons, an increase of 308,000 tons over the previous year, making a significant contribution to safeguarding national energy security.

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