China announced on Wednesday the discovery of a major shale oilfield in the Daqing Oilfield cluster with expected reserves of 1.27 billion tons of oil, Chinese Xinhua news agency reported.
Daqing Oilfield is one of China’s major onshore production centers, and the new discovery is expected to help it boost its oil production in the coming years, according to Xinhua.
Daqing Oilfield, which saw the first exploration for shale oil in the 1980s, now has more than 40 wells producing crude.
China National Petroleum Corporation (CNPC) aims to boost shale oil production from shale formations in Daqing to reverse the decline in the production in the area, the state-held oil giant said on Wednesday, as carried by Reuters.
CNPC has increased efforts to research and drill for shale oil in the Songliao basin where Daqing is located. The company has identified shale oil bearing zones in the Gulong formation, CNPC … Read more