PetroChina announced on its official website on May 26 that the country’s first 100-million-tonne large-scale shale oilfield has been discovered, the Xinanbian oilfield in northern Shaanxi, adding further oil resources to the annual stable oil yield of 50 million tonnes of oil from the Changqing oilfield, according to the website of the Shanghai-based Stock Information Service.
Shale or “tight” oil is light crude oil often contained in earth with low permeability, normally shale or tight sandstone. The Ordos basin is rich in shale oil, with a lot of potential for exploration, but its exploration and extraction is a lot more complicated than previous low permeability or super low permeability oil reserves.
“Shale oil is the most practical conventional fossil fuel and it has a great potential for development,” said a PetroChina executive, adding that PetroChina will work to improve shale oil extraction and processing techniques.
In recent years, the oil yield from the Changqing oilfield has grown by 5 million tonnes every year and its exploration objectives have been aimed at more concealed and deeper reserves, improving geological and engineering techniques, in the hope of spurring the further exploration of the Ordos basin and development of the industry in the region.
Source: Want China Times