Xin Hua Cai Jing·2025-10-23 03:09Core Insights - China Petroleum & Chemical Corporation (Sinopec) has successfully tested high-yield shale oil and gas flow from the Qilu Ye 1 well in the Qijiang District of Chongqing, indicating a significant new resource discovery in the Sichuan Basin [1] - The discovery of a billion-ton level shale oil reserve is strategically important for shale oil exploration and development in Southwest China, contributing to the long-term stability of the country's crude oil production [1] - Sinopec has intensified its shale oil exploration efforts, with new oil fields discovered in the Xinxing, Qintong, and Fuxing shale formations, contributing to national energy security [2] Group 1 - The Qilu Ye 1 well achieved a daily production of 38.64 cubic meters of oil and 10,000 cubic meters of natural gas, marking a high-yield shale oil gas flow [1] - The integration of geological engineering teams has led to the successful completion of drilling operations, with a horizontal section exceeding 2,000 meters and a 100% rate of encountering quality shale [1] - The new shale oil discovery complements the previously identified Qijiang shale gas field, forming a "gas below, oil above" resource structure in the region [1] Group 2 - The Xinxing oil field in the Bohai Bay Basin has proven geological reserves of over 140 million tons, while the Qintong oil field in the Jiangsu Province has reserves of 40.02 million tons [2] - The Fuxing oil field in the southeastern Sichuan Basin has proven reserves of 20.10 million tons of oil and 12.352 billion cubic meters of natural gas [2] - Sinopec's shale oil production is projected to reach 705,000 tons in 2024, an increase of 308,000 tons from the previous year [2]