Recently, the Ministry of Natural Resources in China approved the first-phase proven geological reserves for Fuxing Oilfield. Sinopec Exploration Company and Sinopec Jianghan Oilfield submitted figures showing 20.1 million tonnes of oil and 12.35 billion cubic meters of natural gas.
This development establishes Fuxing as the first shale oil field in the Sichuan Basin and also marks it as Chongqing’s first oil field.
Sinopec has been increasing its exploration activities and has identified three major new oil fields within large shale formations. Shale oil is found in organic-rich shale layers and is often called “black gold” because of its value.