Sinopec announced that the proven reserves of the Jiyang shale oil emerging oil field in Shengli Oilfield have officially passed the review and filing of the Ministry of Natural Resources, and the estimated resource volume is 10.5 billion tons, which is equivalent to the total conventional oil and gas resources in the region. This is my country's first shale oil field in a continental fault basin with a capacity of 100 million tons, filling the technical gap in the development of low gas-oil ratio shale oil.
In 2024, the oil production will reach 500,000 tons, and the cumulative production will exceed 1 million tons. It is planned to further expand production capacity in 2025.
This breakthrough has promoted the establishment of the third national shale oil demonstration area (Shengli Jiyang) in my country, forming three major development bases with Jimusar in Xinjiang and Gulong in Daqing