Core Viewpoint - China's largest shale gas production base, the Sichuan Southern Shale Gas Field, has surpassed a cumulative gas production of 100 billion cubic meters, highlighting significant advancements in technology and production capacity in the shale gas sector [1] Group 1: Production Achievements - The Sichuan Southern Shale Gas Field is located in the southern Sichuan Basin, covering areas in Luzhou, Yibin, Zhaotong in Yunnan, and Yongchuan in Chongqing [1] - From January to August this year, 237 new wells were put into production, resulting in a new production capacity of 4.5 billion cubic meters and a daily output exceeding 48 million cubic meters [1] - By the end of the year, the annual production of the Sichuan Southern Shale Gas Field is expected to exceed 16 billion cubic meters, accounting for approximately 60% of China's annual shale gas production and 7% of the national natural gas output [1] Group 2: Technological Advancements - The development of the gas field has faced challenges due to deep burial and thin layers, prompting a focus on core technology advancements [1] - Key technological systems developed include geological stability evaluation technology, integrated geological engineering 3D modeling and simulation technology, development optimization technology, rapid drilling technology, and precise fracturing technology [1] Group 3: Resource and Management Developments - Since the production of China's first shale gas well, the Weiyi 201 well, the Sichuan Southern Shale Gas Field has reported proven reserves exceeding 1.5 trillion cubic meters and has over 2,300 production wells [1] - The annual production scale has surpassed 15 billion cubic meters, establishing a solid resource foundation, mature technological system, and adaptive management model, positioning it as a crucial area for increasing natural gas reserves and future production growth [1]

Group 1 - The core point of the news is that China's largest shale gas production base, the Sichuan Southern Shale Gas Field, has achieved a cumulative gas production of 100 billion cubic meters, making it the first shale gas field in China to exceed this milestone [1][2] - The 100 billion cubic meters of shale gas can meet the annual gas consumption of approximately 260 million households (about 810 million people) at an average daily usage of 1 cubic meter per household, significantly contributing to regional GDP growth of 861 billion RMB and creating around 4.5 million jobs, with a contribution rate of about 7.5% to regional employment [1] - China National Petroleum Corporation (CNPC) has been a pioneer in shale gas exploration and development since 2006, achieving several breakthroughs, including drilling the first shale gas well in China and establishing the Changning-Weiyuan National Shale Gas Industry Demonstration Zone [1] Group 2 - Technically, CNPC has improved the deep well completion cycle to less than 85 days through techniques such as "wellbore slimming" and "one-trip drilling," and has enhanced the estimated ultimate recovery (EUR) of deep shale gas by over 10% through innovative "layered W-type well arrangement" models [2] - By the end of 2025, the annual production of the Sichuan Southern Shale Gas Field is expected to exceed 16 billion cubic meters, accounting for about 60% of China's annual shale gas production, providing solid energy support for initiatives like the Belt and Road, the Yangtze River Economic Belt, and the Chengdu-Chongqing Economic Circle [2]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) has made significant progress in the "Deep Earth Engineering: Sichuan-Chongqing Natural Gas Base," with two evaluation wells in the Sichuan Province's Ziyang shale gas field exceeding a production capacity of one million cubic meters, marking a new record for shale gas testing in China [1][3]. Group 1: Production Achievements - The Ziyang 2-501HF well achieved a daily gas production of 1.407 million cubic meters, setting a new record for shale gas testing in China [1]. - The platform where the two wells are located has already put into production three wells, with each well maintaining a stable daily gas production of over 150,000 cubic meters, indicating a promising outlook for the efficient development of ultra-deep shale gas in the Sichuan Basin [1]. Group 2: Geological and Technical Innovations - The Ziyang gas field's production layer is from the Cambrian system, which is the oldest shale system globally to achieve large-scale exploration, representing a new type of shale gas [3]. - Sinopec's Southwest Petroleum Bureau has implemented the first ultra-deep shale gas development experimental well group at the Ziyang 2 well platform, utilizing a combination of natural and artificial fractures to unlock nearly 5,000 meters of ultra-deep shale gas reservoirs [3]. Group 3: Engineering Challenges and Solutions - The geological engineering conditions in the Ziyang area are complex, with challenges including thick strata, deep burial, high pressure, and high temperature [5]. - Sinopec's team has enhanced drilling engineering by integrating geological and engineering approaches, applying high-temperature resistant, precise pressure control, and efficient sealing technologies to achieve safe and rapid well completion [5]. Group 4: Strategic Importance of Shale Gas Development - The successful high production from Cambrian shale gas confirms the potential for large-scale reserves and production, supporting the expansion of shale gas development into broader new fields and types [7]. - Given China's resource characteristics of "rich coal, poor oil, and scarce gas," the exploration and development of shale gas hold significant strategic importance for the country's energy landscape [7].

Core Insights - China Petroleum & Chemical Corporation (Sinopec) has made significant progress in the "Deep Earth Engineering: Sichuan-Chongqing Natural Gas Base," with two evaluation wells in the Sichuan Province's Ziyang shale gas field exceeding a production capacity of one million cubic meters, setting a new record for shale gas testing in China [1][3] Group 1: Production Achievements - The Ziyang 2-501HF well achieved a daily gas production of 1.407 million cubic meters, marking the highest shale gas testing production record in China [1] - Three wells have been put into production on the platform, with each well maintaining a stable daily gas production of over 150,000 cubic meters, indicating a promising outlook for the development of ultra-deep shale gas in the Sichuan Basin [1][3] Group 2: Technological Innovations - The "well network-fracture network" collaboration has unlocked the potential of ultra-deep shale gas resources, with the Ziyang 2 well group targeting the Cambrian system, which is the oldest shale layer system globally to achieve large-scale exploration [3][4] - Sinopec's engineering team has integrated advanced technologies for drilling and completion, including high-temperature resistance and efficient sealing, to overcome the challenges posed by complex geological conditions in the Ziyang area [4] Group 3: Strategic Importance - The exploration and development of shale gas are strategically significant for China's energy landscape, as the country has a resource profile characterized by "rich coal, poor oil, and scarce gas," making it a long-term oil and gas importer [5] - Sinopec has played a crucial role in the commercialization of shale gas in China, having discovered the Fuling shale gas field in 2012, which initiated the country's shale gas commercial development [5]

资阳地区地质工程条件复杂，难钻地层厚、埋藏深、压力高、温度高，钻完井工程挑战极大。中国石化攻关团队在钻井工程方面，通过强化地质-工程一体 化，集成应用耐高温、精细控压、高效封堵等技术，实现安全优快成井。在完井工程方面，首次创新采用国内最大尺度携砂压裂一体化装置，创新形成超深 科技日报记者 操秀英 9月17日，记者从中国石化获悉，中国石化"深地工程·川渝天然气基地"再获重大进展，中国石化部署在四川省资阳页岩气田的2口评价井测试产量均超百万 立方米，其中资页2-501HF井试获日产气140.7万立方米，刷新我国页岩气测试产量最高纪录。 目前，2口井所在的平台已投产3口井，单井稳定日产气超15万方，展示了四川盆地超深层页岩气效益开发的良好前景，对推动我国页岩气开发具有重要意 义。 此前，我国投入规模开发的页岩气主力层系为志留系，该井组产层为距今5.4亿年前的寒武系，是全球实现规模勘探最古老的页岩层系，是一种新类型页岩 气。2024年，资阳2井实现寒武系页岩气勘探重大突破后，中国石化西南石油局继续在资阳2井同平台部署实施了首个超深层页岩气开发试验井组，采用"天 然裂缝+人工裂缝"耦合解锁近5000米超深页岩气藏，资页 ...

Group 1 - The Fuling Shale Gas Field has achieved a daily production of 20.62 million cubic meters, setting a new record for shale gas production in China [1][3] - This production level can meet the daily gas needs of 40 million households, based on an average household consumption of 0.5 cubic meters per day [1] - The field is located in Chongqing and is China's first large-scale shale gas field to achieve commercial development, marking a significant milestone in the country's energy development history [3] Group 2 - The Fuling Shale Gas Field has maintained a daily production level above 20 million cubic meters and is expected to produce 6.7 billion cubic meters of shale gas for the entire year [3] - The field has implemented measures to ensure gas supply along the Yangtze River Economic Belt, including continuous drilling and rapid resumption of operations during the pandemic [3] - The gas field has set records for the shortest drilling cycle and significantly improved the rate of encountering quality reservoirs, with cumulative drilling footage exceeding 3 million meters [3]

Group 1 - The National Petroleum and Natural Gas Index (399439) has shown a slight increase of 0.30% as of May 19, 2025, with notable gains in constituent stocks such as Huajin Co. (000059) up by 3.62% and Lansi Heavy Industry (603169) up by 2.22% [1] - The Oil and Gas ETF (159697) has risen by 0.52%, currently priced at 0.97 yuan, indicating a positive trend in the oil and gas sector [2] - Recent innovations in key technologies for oil and gas exploration and development have positioned shale gas as a significant area for sustainable resource development in China, with major shale gas demonstration zones established in the Sichuan Basin [2] Group 2 - The Sichuan Basin has identified eight shale gas fields with a total resource volume of 16.5 trillion cubic meters, contributing to national energy security through the localization of critical equipment and tools [2] - East China Securities anticipates a recovery in trade, which will positively impact oil demand, predicting that oil prices may bottom out in the second quarter and recover thereafter, benefiting upstream resource companies [2] - Guoxin Securities highlights the vast potential for deep-sea oil and gas development in China's northern and central southern South China Sea, supported by relevant technological policies [2][3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index account for 66.65% of the index, with major players including China National Petroleum (601857) and China Petroleum & Chemical (600028) [3]

Core Viewpoint - The record for the depth of shale gas wells in China has been broken, with significant implications for the industry and potential for increased gas production in the Sichuan Basin [1] Group 1: Company Developments - Sinopec's Zhongyuan Oilfield has successfully drilled the Tiebei 1 side HF well, achieving a daily output of 314,500 cubic meters of industrial gas flow [1] - The well has a vertical depth exceeding 5,300 meters and a horizontal section length of 1,312 meters, setting a new record for shale gas well depth in China [1] Group 2: Industry Implications - This achievement is expected to facilitate the establishment of a new large-scale reserve and production area in the Puguang region, enhancing the overall gas supply capacity [1]

Group 1 - The core achievement of China Petroleum & Chemical Corporation (Sinopec) is the successful drilling of the Tiebei 1HF well in the Sichuan Basin, which has set a new record for shale gas well depth in China at over 5300 meters and a horizontal section length of 1312 meters, yielding a daily production of 314,500 cubic meters of industrial gas [1] - The Puguang gas field, developed for 20 years, is China's first ultra-deep high-sulfur gas field, and Sinopec aims to enhance production efficiency by focusing on the resource-rich Permian system, which is primarily located at depths exceeding 4500 meters [1] - Sinopec has achieved a 100% success rate in encountering high-quality shale during horizontal drilling, which is crucial for the efficient exploration and development of the Puguang area [1] Group 2 - In 2017, Sinopec established China's first shale gas field with a production capacity of over 10 billion cubic meters, the Fuling shale gas field, and in 2020, it completed the first phase of the Weirong shale gas field project, which has proven reserves exceeding 100 billion cubic meters [2] - According to the National Energy Administration, domestic shale gas production exceeded 25 billion cubic meters last year, accounting for 10% of the total natural gas production, with total oil and gas production surpassing 400 million tons of oil equivalent for the first time [3] - Last year, China's crude oil production reached 213 million tons, while natural gas production was 246.4 billion cubic meters, marking an increase of over 10 billion cubic meters for eight consecutive years [3]

Group 1 - The fully-owned subsidiary of Beijing Bode Shida Petroleum Technology Co., Ltd., Bode Shida (Tianjin) Energy Technology Co., Ltd., has officially commenced operations at its new base in Tianjin, which covers an area of 15,000 square meters and focuses on the development and manufacturing of drilling tools, high-temperature and high-pressure completion tools, and casing drive systems (CDS) [1] - The new base incorporates intelligent production lines and high-precision processing equipment, which will significantly enhance the company's service capabilities in oil and gas field development, thereby reducing costs and increasing efficiency in resource exploration [1] - Bode Shida has signed strategic cooperation agreements with major companies such as China National Offshore Oil Corporation (CNOOC) and China National Petroleum Corporation (CNPC) to deepen collaboration in oil and gas field development technology services and equipment procurement [1] Group 2 - The company has obtained 72 patent authorizations in core areas such as drilling tools and completion equipment, and plans to establish a research and development center at the new base to focus on advanced technologies like deep-sea drilling and shale gas development [2] - Future plans include expanding production capacity in the Tianjin Lingang area with a second phase project to build a new energy equipment production line, promoting diversification in the energy industry [2] - The company aims to leverage the geographical advantages of the Tianjin Port Free Trade Zone to strengthen international logistics cooperation and establish the Lingang base as a global high-end downhole equipment manufacturing hub [2]