Huan Qiu Wang·2025-11-08 23:41Core Insights - China's largest shale oil production base, Changqing Oilfield, has surpassed a cumulative production of 20 million tons, marking a new phase of large-scale and efficient development in the country's continental shale oil sector [1][2] Industry Overview - Shale oil, a non-conventional oil resource extracted from shale formations, is crucial for maintaining stable crude oil production in China, despite its high development difficulty [1] - The proven reserves of shale oil in the Ordos Basin, where Changqing Oilfield is located, exceed 1 billion tons [1] Company Developments - In 2023, Changqing Oilfield accelerated its shale oil production, adding 144 new horizontal wells, resulting in a daily production exceeding 10,000 tons, a historical high [1] - The company aims to increase its annual shale oil production to 3.5 million tons by the end of the year and plans to reach 4.5 million tons by 2030, contributing to national energy security [2] - The time taken for Changqing Oilfield to increase its cumulative production from 10 million tons to 20 million tons was only 3 years, compared to 12 years for the first 10 million tons [2] - Currently, Changqing Oilfield accounts for over half of China's total shale oil production and is the first continental shale oil field globally to achieve large-scale and efficient development [2]