According to a report from Sinopec on July 31, the Ministry of Natural Resources has approved the proven geological reserves of the Fuxing Oilfield’s first phase, totaling 20.1006 million tonnes of crude oil and 12.352 billion cubic meters of natural gas. This marks the birth of China’s first shale-based oilfield in the Sichuan Basin.

Located in Chongqing on the southeastern edge of the Sichuan Basin, the Fuxing Oilfield represents a major breakthrough. The Sichuan Basin has traditionally been characterized as "rich in gas but poor in oil," with exploration and development efforts historically focused on natural gas due to limited oil resources. The Fuxing discovery thus signifies a milestone—achieving a "from nothing to something" breakthrough in shale oil exploration in Southwest China and opening up a new frontier for shale oil and gas resource expansion in the basin.

Wei Xiangfeng, manager of the Shale Gas Project Department at Sinopec Exploration Company, noted that the theoretical advancements and key technologies developed at the Fuxing Oilfield are of great significance in supplementing and refining China’s shale oil and gas exploration theories, technologies, and standards. Going forward, efforts will focus on deepening the understanding of enrichment patterns and strengthening the overall assessment and planning of terrestrial shale oil in the Sichuan Basin, with the aim of achieving another major breakthrough and establishing a second shale oil reserve base.