China discovers 2 major shale oilfields in boost for energy security
Beijing has launched a drive to uncover new domestic fossil fuel reserves as it seeks to reduce its dependence on imports
China has discovered two major shale oilfields boasting combined reserves of 180 million tonnes, in another boost to the country’s push to reduce its reliance on fossil fuel imports.
Sinopec, China’s largest oil refiner, announced the discoveries on Monday and confirmed the sites are located in northeastern China’s Bohai Bay Basin and the Subei Basin in the eastern province of Jiangsu, respectively.
Early assessments indicate the two shale oilfields have the capacity to maintain stable production over the long term, Chinese state-run news agency Xinhua reported.
For the first time, the reserves were assessed using China’s self-developed industry standards for shale oil reserves, according to Xinhua.
The Mineral Exploration Breakthrough Strategy, launched in 2011, is designed to shore up the country’s energy security and protect its giant manufacturing sector by ensuring factories have access to stable supplies of vital resources.