券商中国·2025-10-23 10:33Core Viewpoint - The discovery of high-yield shale oil and gas flow at the Qilu Ye 1 well in the Sichuan Basin marks a significant advancement in China's shale oil exploration, indicating a new resource area with a potential resource volume exceeding 100 million tons [1][3]. Group 1: Shale Oil Discovery - The Qilu Ye 1 well has achieved a daily production of 38.64 cubic meters of shale oil and 10,000 cubic meters of natural gas, establishing a new shale oil reserve area in the Sichuan Basin [1][3]. - The well is located in the Qijiang District of Chongqing, with the shale reservoir situated over 2,000 meters underground, revealing a favorable oil-bearing shale thickness of nearly 40 meters [3]. Group 2: Economic and Strategic Implications - The breakthrough at Qilu Ye 1 well confirms a large-scale shale oil resource target exceeding 100 million tons, aligning with China's strategic shift from marine to terrestrial oil and gas exploration in the southern Sichuan Basin [3][5]. - The Qijiang shale gas field, discovered in 2022 with a reserve of 100 billion cubic meters, complements the new shale oil discovery, creating a "gas below, oil above" resource structure in the region [5]. Group 3: Future Production Goals - China Petroleum is intensifying its shale oil exploration efforts, with projected annual shale oil production reaching 705,000 tons in 2024, an increase of 308,000 tons from the previous year [5]. - By 2025, the company aims to confirm geological reserves of over 200 million tons of shale oil and 12.352 billion cubic meters of natural gas [5].