日前，记者从大庆古龙陆相页岩油国家级示范区建设推进会上获悉，截至12月3日20时18分，古龙页岩 油年产量突破100万吨，提前28天完成示范区年产量任务。 2021年，大庆油田启动古龙陆相页岩油国家级示范区建设，当年产量1.5万吨；2022年进入规模化试采 初期，年产量提升至8.6万吨。2025年以来，年产量突破100万吨。 产量一路攀升的背后，离不开一群年轻人的接续努力。 什么是页岩油？大庆油田有限责任公司页岩油勘探开发指挥部副总指挥代晓东说，常规石油储存在孔隙 发达的砂岩中，开采如同从新鲜的豆腐里挤水。但页岩岩石呈片状，就像"书页"，质地致密。页岩油开 采就好比从水泥块中挤水，难度可想而知。 虽然开采难度较大，但页岩油面积分布广、空间利用潜力大，且资源量比常规油气多，已成为重要的战 略接替资源。 经过前期研究勘探，2018年，大庆油田勘探团队开始对青山口组页岩进行开采分析，进一步判断是否可 以商业开发。勘探团队在深湖区、生油量更大的凹陷最深部位部署第一口井，取出400多米的岩石。技 术人员对样本进行厘米级标注，累计记录4.7万余个特征，最终在只有头发丝1/500大小的孔隙中，首次 发现了石油大量存在的依据 ...

11月19日拍摄的大庆古龙陆相页岩油国家级示范区生产现场。新华社记者 孙晓宇 摄此后，古龙页岩油的勘探开发进入"快车道"。2021年国家能源局批复设 立国家级示范区后，中国石油集团给予专项投资和科技支持，黑龙江省与大庆市出台配套政策。在古龙页岩油开发的核心区肇源县，18家油服企业陆续落 户，形成完整产业链；大庆市谋划推动页岩油开发与地方产业深度融合，带动石油化工、装备制造等产业升级。据了解，古龙页岩油勘探开发的五年间，单 井全生命周期产量从1.1万吨增至3.2万吨。2021年示范区启动时年产量仅1.5万吨，2025年产量突破100万吨。实现从陆相页岩"生油"到"产油"的历史性跨 越，迈出泥纹型页岩油规模开发关键一步。大庆油田技术顾问崔宝文说，大庆油田提出且证实了"页岩也能产油"这一重大理论突破，将给中国油气资源前景 带来极大变化，不仅是在松辽盆地，在全国其他同类型的盆地中，油气资源也将大规模增长。 11月19日拍摄的大庆古龙陆相页岩油国家级示范区生产现场。新华社记者 孙晓宇 摄新华社哈尔滨12月10日电（记者孙晓宇）在黑龙江省大庆市，凛冽寒风 中，一座座抽油机不知疲倦地往复运转。近日，中国石油大庆古龙陆相页岩 ...

大庆油田于2021年启动古龙页岩油国家级示范区建设，2022年示范区进入规模化试采初期，全年产油近10万吨，实现初步产能 释放。2024年全年产油超40万吨，实现连续三年产量翻番的跨越式发展。截至目前，示范区累计完钻水平井393口，累产油超167万 吨。 中国石油大庆油田总地质师 白雪峰：古龙页岩油的成功开发，不仅实现了陆相页岩油勘探开发理论、核心技术的双突破，更为 同类型页岩油开发提供可借鉴的经验。目前，古龙页岩油已提交探明储量1.58亿吨。我们规划到"十五五"末，产量要达到300万吨。 央视网消息：记者12月5日从中国石油获悉，大庆古龙陆相页岩油示范区年产量首次突破100万吨，创历史同期最高水平，我国 页岩油国家级示范区建设取得重大突破。 大庆古龙陆相页岩油国家级示范区地处松辽盆地北部，位于黑龙江省大庆市杜尔伯特蒙古族自治县境内，覆盖面积2778平方公 里。今年以来，大庆油田通过持续摸索，优化了钻井、压裂等关键工艺，实施全生命周期精细化管理，开发效率得到显著提升，单 井产量从初期7.7吨增长至目前17.3吨，单井建产周期提效56%。页岩油日产超3700吨。 中国石油大庆油田公司执行董事 朱国文：和国内外其 ...

Financial Data and Key Metrics Changes - Revenues for the third quarter amounted to $4.6 billion, a 12% decrease year-on-year, reflecting a 13% decline in Brent prices [3][4] - Adjusted EBITDA reached approximately $1.4 billion, showing a sequential increase of over 20% while remaining flat compared to the previous year [3][4] - Free cash flow was negative at $759 million, primarily due to the acquisition of shale assets and the impact of the mature field exit strategy [8][29] Business Line Data and Key Metrics Changes - Shale production increased by 35% year-on-year, reaching 170,000 barrels per day, with preliminary figures indicating a further 12% increase in October [4][14] - Total hydrocarbon production averaged 523,000 barrels of oil equivalent per day, down 4% sequentially and 6% year-on-year [11] - Downstream segment achieved the highest processing level since 2009 at 326,000 barrels per day, a 9% increase year-on-year [7][22] Market Data and Key Metrics Changes - Crude oil realization price averaged $60 per barrel, flat sequentially but down 12% year-on-year [12] - Natural gas prices increased by 6% quarter-over-quarter to an average of $4.3 per MBTU [13] Company Strategy and Development Direction - The company continues to focus on operational efficiency and the development of unconventional resources, with 70% of CapEx directed towards shale activities [5][18] - YPF aims to become a 100% pure shale player with a competitive lifting cost structure of around $5 per BOE in the near future [18] - The Argentina LNG project is progressing, with a Technical FID signed for a fully integrated LNG project expandable to 18 million tons per year [9][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitability despite international price contractions, driven by an improved production mix and operational efficiencies [3][4] - The company anticipates a clean year in 2026, with improved visibility on results and shareholder value creation [72][74] Other Important Information - Net debt increased to $9.6 billion, with a net leverage ratio of 2.1x, but pro forma adjustments would show a lower ratio [8][29] - The company successfully issued $500 million in international bonds at an 8.25% yield, the lowest interest rate for an international bond in recent years [9][33] Q&A Session Summary Question: Production growth outlook for 2026 and 2027 - Management expects production to average around 215,000 barrels per day in 2026 and 290,000 barrels per day in 2027 [38] Question: Development of the Refinor asset and refining portfolio - Refinor provides logistical advantages, and management is focused on maximizing shareholder value through strategic decisions [39] Question: Future M&A activities and capital allocation - The company will remain active in portfolio management but does not foresee major acquisitions in the near term [43] Question: Working capital losses and future expectations - Negative working capital was driven by seasonality and longer collection days, with normalization expected in the coming quarters [53] Question: Lifting costs trajectory and leverage comfort level - Management is working to reduce unit costs and aims to maintain leverage at comfortable levels, with a reduction expected in 2026 [59] Question: Update on downstream pricing and divestment of MetroGAS - The company is implementing a dynamic pricing model and is in the process of negotiating divestments from conventional assets [61][65]

Core Insights - The first national-level continental shale oil demonstration zone in China, located in Jimsar, Xinjiang, has achieved an annual production of over 1.5 million tons for the first time, marking a historical peak for the same period [1] - This milestone indicates a transition in China's shale oil development from technical exploration to a new phase of large-scale and stable output [1] Industry Summary - The establishment of the Jimsar shale oil demonstration zone signifies a significant advancement in China's shale oil industry, showcasing the country's commitment to enhancing domestic energy production [1] - The achievement of over 1.5 million tons of annual production reflects the potential for further growth and development within the shale oil sector in China [1]

Core Insights - Russian oil production is facing significant challenges due to war and sanctions, with traditional oil fields aging and shale oil development restricted. OPEC+ has increased production to capture market share, leading to a drop in oil prices from $80 to $60, with predictions of a potential decline to $50 [1][3][19]. Group 1: Impact of Sanctions and War - Sanctions have severed Western technology and equipment supplies, leaving Russia without advanced software, trained workers, and high-end drilling equipment, making it difficult to maintain or expand production [1][5][6]. - By 2030, Russian oil production is expected to decline by 20% to 50%, posing a threat to its economy and the funding of the war in Ukraine [1][19]. Group 2: Challenges in Oil Production - The aging of traditional production centers in Western Siberia and the Volga-Ural region has been exacerbated by sanctions, which hinder the ability to utilize Western technology for shale extraction [5][9]. - The lack of trained personnel due to the war has made it challenging for Russia to expand shale oil production, as many potential workers are engaged in military efforts [11][12]. Group 3: Technological Limitations - Russia lacks modern directional drilling tools and advanced hydraulic fracturing equipment, which are essential for efficient shale oil extraction [14][16]. - The absence of updated software for analyzing geological data has severely limited Russia's ability to locate and extract oil effectively [9][19]. Group 4: Global Oil Demand and Future Outlook - As global oil demand is projected to increase, with estimates suggesting it could reach 103.4 million barrels per day by 2030, Russia's declining oil production could lead to its diminished role in the global oil market [21]. - The potential reduction in Russian oil supply amidst rising global demand signals a need for countries reliant on Russian oil to adjust their supply structures [21].

Core Insights - China has added 158 million tons of proven shale oil reserves in the Daqing Gulong continental shale oil national demonstration area, providing crucial support for the development of continental shale oil in the country [1] Group 1: Development and Production - The Daqing Gulong continental shale oil national demonstration area is located in the northern part of the Songliao Basin, covering an area of 2,778 square kilometers [1] - Daily production of shale oil in the Daqing Gulong area exceeds 3,500 tons, marking a rapid transition from "proven reserves" to "effective development" [1] - The Daqing oilfield initiated the construction of the Gulong shale oil national demonstration area in 2021, with initial pilot production starting in 2022, yielding nearly 100,000 tons of oil that year [1] - The projected annual oil production for 2024 is expected to exceed 400,000 tons, achieving a doubling of production for three consecutive years [1] - As of now, a total of 398 horizontal wells have been drilled in the demonstration area, with cumulative oil production exceeding 1.4 million tons [1] Group 2: Future Outlook - The newly added proven reserves will provide essential resource support for the establishment of a million-ton-level national demonstration area by 2025 [1] - China's shale oil production is expected to surpass 6.8 million tons this year [1]

Core Insights - The first national-level continental shale oil demonstration zone in China, located in Jimsar, Xinjiang, has achieved a cumulative production of over 5 million tons, marking a transition from technical exploration to stable output in shale oil development [1][5] - Shale oil is recognized as a resource with significant development potential, despite being difficult to extract [1][3] - The Jimsar shale oil demonstration zone covers an area of 1,278 square kilometers with oil reservoirs buried over 3,800 meters deep [1] Production and Development - The demonstration zone has accelerated capacity construction, completing 48 wells this year, with daily production surpassing 5,000 tons, setting a historical record [1][5] - The estimated resource volume in the Jimsar shale oil zone exceeds 1 billion tons, laying the foundation for large-scale development [5] - By the end of this year, China's shale oil production is expected to exceed 6.8 million tons, fully completing the national shale oil demonstration zone construction [5] Technological Advancements - The shale oil extraction in Jimsar faces challenges due to the extremely dense rock formations, likened to "squeezing oil from a whetstone" [3] - To address these challenges, a comprehensive technical system and standards for continental shale oil development have been established, achieving a drilling speed record of 1,860 meters per day for horizontal wells [3] - The first "unmanned inspection" oil management area in China has been established in this zone, utilizing digital management for 24-hour intelligent operations [3]

Group 1 - The core point of the article is that Changqing Oilfield has achieved a significant milestone by surpassing a daily shale oil production of 10,000 tons, reaching 10,006 tons, indicating a new breakthrough in China's shale oil development capabilities [1] Group 2 - Changqing Oilfield is recognized as the largest oil and gas field in China, highlighting its importance in the country's energy sector [1] - The achievement reflects advancements in technology and production methods within the shale oil industry in China [1] - This milestone may have implications for China's overall energy strategy and its efforts to enhance domestic oil production [1]

Core Insights - The successful production trial of shale oil fracturing flowback fluid treatment addresses high transportation costs and impacts on the gathering system, marking a significant advancement in shale oil development [1][2] - The trial involved collaboration among multiple departments, enhancing efficiency and overcoming various technical and management challenges [2] Group 1: Treatment Process and Results - The treatment process has effectively reduced the need for transporting flowback fluid, with over 15,000 cubic meters of fluid processed [1] - The trial demonstrated the feasibility of the treatment technology, achieving stable and economically efficient processing of flowback fluid [1] - The water quality indicators from the treatment met relevant standards, indicating good compatibility with production water [1] Group 2: Future Plans and Enhancements - The oil field will continue to analyze the properties of flowback fluid and optimize process connections to further reduce treatment costs [2] - There will be a focus on implementing safety risk control measures and upgrading technical equipment to support large-scale shale oil development [2]