Sou Hu Cai Jing·2025-07-31 06:39Core Insights - The establishment of the "Fuxing Oilfield" marks a strategic breakthrough for shale oil in Southwest China, transitioning from non-existence to a significant presence in the Sichuan Basin [1][3] - The Fuxing Oilfield has proven geological reserves of 20.1 million tons of oil and 12.352 billion cubic meters of natural gas, which has been approved by the Ministry of Natural Resources [1][3] - The oilfield is located in Chongqing and represents the first oilfield in the city, opening new avenues for shale oil and gas exploration in the region [1][3] Exploration and Development - The Sichuan Basin has historically been characterized by "rich gas and scarce oil," focusing primarily on natural gas exploration, with oil resources being relatively limited [3] - Following the discovery of the Fuling Shale Gas Field in 2012, Sinopec collaborated with universities and research institutions to conduct geological research and tackle key technical challenges in shale oil and gas exploration [3] - The successful drilling of the Taiye 1 well in 2021 yielded a daily production of 58.9 cubic meters of oil and 73,500 cubic meters of gas, marking a significant breakthrough in the exploration of terrestrial shale oil and gas in the Sichuan Basin [3] Technological Advancements - Sinopec's exploration team has integrated various approaches to enhance exploration and evaluation, significantly improving the accuracy of seismic predictions for high-quality shale [3] - The company has overcome technical bottlenecks in volume fracturing of terrestrial shale, achieving a 100% success rate in completed exploratory wells, with test production meeting proven reserve standards [3] - The theoretical insights and key technologies developed during the Fuxing Oilfield project are expected to contribute significantly to the overall framework of shale oil and gas exploration and development in China [3] Future Prospects - Sinopec aims to deepen its understanding of enrichment patterns and strengthen the overall evaluation and deployment of terrestrial shale oil in the Sichuan Basin, with plans to achieve new exploration breakthroughs [3] - Currently, Sinopec has identified three major shale oilfields: Xinxing, Qintong, and Fuxing, with the Xinxing Oilfield being the first in China to reach a geological reserve of over 100 million tons [4] - The company anticipates an annual shale oil production of 705,000 tons by 2024, reflecting a year-on-year increase of 308,000 tons [4]