350 million tons! Sinopec shale oil exploration has made another strategic breakthrough!

On December 15, the Information Office of Sinopec said that following November this year, Sinopec Shale Oil Exploration has made another strategic breakthrough, and three shale oil exploration wells deployed by the East China Petroleum Bureau in the Northern Jiangsu Basin have obtained high-yield shale oil flows, of which, recently, the Qinsha 1HF well has a test output of 55 tons per day; Shuai Page 3-7HF well test obtained 20 tons of oil per day; The previously deployed Shaduan 1 well has been self-injection for 392 consecutive days, accumulating 11,000 tons of
shale oil.
According to the preliminary evaluation, Sinopec has implemented a favorable area of 420 square kilometers and 350 million tons of shale oil resources in the Qintong Sag area of the Northern Jiangsu Basin, which demonstrates the good prospects for exploration and development in the region and will open up a strategic succession position
for crude oil resources in China's Northern Jiangsu Basin.

Shale oil refers to unconventional petroleum resources stored in the tiny pores of shale layers, and at present, only North America has achieved large-scale commercial development
of shale oil.
Shale oil is an important strategic resource in China, and accelerating the exploration and development of shale oil is of great significance to ensuring national energy security
.

The shale oil in the northern Jiangsu Basin is buried at a depth of more than 3,000 meters, the pressure is large, the storage space is finer than the hair, and the development is difficult, which brings great challenges
to the process technology of drilling and fracturing.
Combined with the exploration practice of the Northern Jiangsu Basin, Sinopec East China Petroleum Bureau strengthened the study of the formation conditions and enrichment laws of continental shale oil, adhered to the principle of "three-dimensional exploration, common and non-balanced", and achieved a major breakthrough in
shale oil exploration.
In recent years, the company has overcome problems such as shale reservoir transformation, optimized the favorable development area of shale oil, and formed a large-scale volume fracturing transformation technology of shale oil, ensuring the high yield, stable production and effective use of
shale oil.

In November 2020, the Qintong Sadong 1 well in the Qintong Sag in the Northern Jiangsu Basin achieved a breakthrough in continental shale oil and gas exploration

Sinopec has continued to increase its efforts in shale oil exploration and development, and has continuously made major breakthroughs
.
In January 2021, Sinopec Exploration Branch tested the Taisha 1 well, a high-yield shale oil and gas well in Fuling District, Chongqing, and preliminarily predicted that the shale gas resources in the area would be 200 billion cubic meters and the condensate resources would be 28 million tons
.
In November 2021, Sinopec Shengli Oilfield made significant progress in shale oil exploration and development in the eastern exploration area, reporting the first batch of predicted shale oil geological reserves of 458 million tons, and preliminarily estimating that the shale oil resources in the region reached more than 4 billion tons, which will become a realistic replacement for the new field of increased reserves and production in
eastern China.

In the field of shale gas exploration and development, Sinopec built China's first 10 billion square meters of large-scale shale gas field - Fuling Shale Gas Field in 2017, and the gas field has accumulated more than 40 billion cubic meters of
gas so far.
Recently, the new proved reserves of the gas field are 104.
883 billion cubic meters, and the cumulative proved reserves are nearly 900 billion cubic meters, accounting for 34%
of the country's proven reserves of shale gas.
In addition, in 2018, Sinopec discovered China's first deep shale gas field, Weirong Shale Gas Field, and built an annual production capacity
of 1 billion cubic meters in 2020.