According to Sinopec, on March 3rd, Sinopec made a significant discovery! Two new oil fields have been discovered successively in Shengli Oilfield and East China Petroleum Bureau, with newly added reserves exceeding 180 million tons. This greatly enhances the oil and gas production and development potential of the old oil fields in the east.

After evaluation by the Oil and Gas Reserve Review Office of the Ministry of Natural Resources, it has been determined that the emerging and Qintong oil fields of Sinopec are typical shale oil in continental fault basins. This marks the birth of two shale oil fields in the eastern continental fault basins of China. The emerging oil field is located in the Jiyang Depression of the Bohai Bay Basin, while the Qintong oil field is located in the Subei Basin.

Shale oil refers to the petroleum resources contained in shale formations rich in organic matter. China's shale oil resources have enormous exploration potential and are an important strategic resource for the country. In the future, they will also become an important substitute resource for the long-term stable production of crude oil in China.

Its development and distribution characteristics are different from those of North American marine sedimentary basins, with characteristics such as new age, low maturity, complex faults, special mineral composition, and high temperature and pressure. The difficulty of exploration and development can be considered world-class, and there is no experience to draw on.

The review confirms that both shale formations in the two oil fields have the characteristics of high pressure and good compressibility, and have high single well production, good trial production effect, and long stable production time.

The emerging oil fields are buried at depths of 2900-4000 meters, with high content of brittle minerals, and the reservoirs have good development value. By the end of 2024, a total of 291100 tons of oil had been produced from 19 horizontal wells. Among them, the first exploration well, Fan Yeping 1, had an initial daily oil production of 171 tons and was put into operation for 1422 days, with a cumulative oil production of 23800 tons. The Qintong Oilfield has a burial depth of 3430 meters to 4560 meters and good development potential. As of the end of 2024, 8 horizontal wells have produced a total of 113000 tons of oil, among which the Qinye 1HF well has been producing for over three years with a cumulative oil production of 31400 tons.

Since 2014, Sinopec has adhered to independent innovation and strengthened basic research and development, and has innovatively formed a theoretical understanding and supporting engineering technology series for shale oil exploration in continental fault basins in areas such as the Jiyang Depression and the Subei Basin.

In terms of theoretical understanding, the theory of shale oil enrichment in terrestrial fault basins, which includes early mineralization, inorganic controlled storage, integrated source storage, and overpressure sealing, has been established, laying the foundation for the practice of shale oil mines.

In terms of exploration and development, two deployment models have been established: a three-dimensional horizontal well network in stable structural areas and directional wells in complex structural areas.

In terms of engineering technology, a terrestrial shale oil evaluation system combining geology, experimentation, and geophysics has been formed, achieving accurate prediction of the "sweet spot" goal of shale oil geological engineering; Innovation has formed an engineering technology series suitable for terrestrial shale oil, such as low-cost and efficient development models such as factory horizontal well optimization and fast completion, electric drive fracturing construction, and automated remote control. Currently, the maximum horizontal section length of the experimental well is 3055 meters, and there are 54 fracturing sections.

Guo Xusheng, an academician of the CAE Member, said that the Paleogene shale oil in Jiyang Depression and Subei Basin is typical representative of the development area of enriched and high-yield shale oil. According to the "14th Five Year Plan" resource assessment, the geological resources of Sinopec shale oil are estimated to be 19.08 billion tons, with broad commercial development prospects.

Next, Sinopec will continue to improve the grading and classification evaluation system for shale oil resources, build the Shengli Jiyang shale oil national demonstration zone with high standards and high quality, conduct evaluations of the Subei Basin, deepen evaluations of Sichuan's rejuvenation, and actively prepare for new areas such as Dongpu, Biyang, and Qijiang. Strive to increase the annual proven reserves by over 100 million tons during the 15th Five Year Plan period, and achieve a shale oil production of 2 million tons by the end of the plan.

The Shengli Jiyang continental fault basin shale oil national demonstration zone has made positive progress. The emerging oil field is located in the shale oil national demonstration area of the Shengli Jiyang continental fault basin. The demonstration zone was officially unveiled in August 2022. As of the end of 2024, commercial production capacity breakthroughs have been achieved in the five major basins of Boxing, Niuzhuang, Minfeng, Bonan, and Lijin. The shale oil risk exploration in oil-rich basins such as Linnan, Gubei, and Guojuzi has also achieved positive results.

A total of 147 horizontal wells have been drilled in the demonstration zone, and out of 103 production wells, 37 wells initially produced over 100 tons per day, continuously breaking domestic shale oil production records in terms of daily and cumulative production per well. Among them, the Fengye 1-1HF well has a daily oil production of 263 tons, and the Fengye 1HF well has a cumulative oil production of 53000 tons after 950 days of production, setting the highest daily and cumulative production of shale oil in China.

At present, three 100000 ton experimental well groups have been built in the demonstration zone, including Fan Yeping 1, Niu Yeyi, and Minfeng Central. The daily oil production has increased from 100 tons in 2021 to over 1600 tons, with a cumulative oil production of over 1 million tons. The goal of achieving the production target of the Shengli Jiyang Shale Oil National Demonstration Zone has been completed one year ahead of schedule, opening up a new path for large-scale storage and efficient development of terrestrial shale oil in China