【ECF Weekly】Central Economic Work Conference held
ECF China Shale Week Report - Jan 4, 2025
【Central Economic Work Conference held】 The Central Economic Work Conference will be held in Beijing from December 11th to 12th. Xi Jinping, General Secretary of the Communist Party of China Central Committee, President of the People's Republic of China, and Chairman of the Central Military Commission, attended the meeting and delivered an important speech, summarizing the economic work in 2024, analyzing the current economic situation, and deploying the economic work in 2025. Exploration & Production 【Breakthrough Progress in Fracturing of Deep Shale Oil in Mabei, Xinjiang Oilfield】 As the first national continental shale oil demonstration area in China, the resource reserves of Jimusar shale oil reservoir in the Junggar Basin are estimated to exceed 1 billion tons. Solidly advancing the 1.4 million ton profitable shale oil production project in Jimsar and continuously promoting the shale revolution are of great significance for the high-quality development of Xinjiang oil fields and better safeguarding national energy security. 【Innovation in shale oil development in continental faulted lake basins in China】 Recently, Shengli Jiyang shale oil exploration and development has reported controlled reserves of 223 million tons, proven reserves of 117 million tons, newly built production capacity exceeding 300000 tons, daily oil production exceeding 1600 tons, and annual output exceeding 500000 tons, completing the target production task of the demonstration zone construction one year ahead of schedule; The investment in single well development has significantly decreased, and the shale oil in Minfeng Depression has achieved the goal of efficient development. Technology & Equipment 【The first offshore oil and gas full life cycle equipment manufacturing base in China has been officially put into operation】 On December 25th, CNOOC Development Tianjin Marine Equipment Intelligent Manufacturing Base (hereinafter referred to as the Base) successfully completed the mechanical completion inspection, marking the transition of the Base from on-site installation and commissioning stage to trial production stage. As the first intelligent equipment manufacturing base for the entire life cycle of marine oil and gas in China, the base aims to achieve "intelligent manufacturing, green and low-carbon, and employee friendly". It officially started construction in July 2023, covering a total area of about 270000 square meters. It has been listed as one of the top 100 national new industry projects, a key construction project in Tianjin, and a demonstration project for intelligent construction in Tianjin. 【Shanxi Key Coalbed Methane Development Project Awarded】 At the 12th China Technology Market Association Golden Bridge Award Commendation and Reward Conference held recently, the National Key Laboratory of Coal and Coalbed Methane Joint Mining led the application for the "Key Technology and Demonstration of Ground Extraction of Coalbed Methane in Coal Mining Areas" and won the second prize of the Golden Bridge Award Project Award.
