• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 2 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 3 hours Australia Sky News Election Summary: "This was the Climate Change Cult Election, and the Climate Change Cult Lost"
  • 7 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 7 hours California Threatens Ban on ICE Cars
  • 1 hour Australian Voters Reject 'Climate Change' Politicians
  • 7 hours IMO2020 To scrub or not to scrub
  • 11 hours Global Warming Making The Rich Richer
  • 7 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 7 days How can Trump 'own' a trade war?
  • 7 days China, U.S. Hold 'Productive' Trade Talks In Beijing
  • 3 hours Some Good News on Climate Change Maybe
  • 7 hours Wonders of Shale- Gas,bringing investments and jobs to the US
  • 7 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Trending Discussions

China Says Massive Shale Oil Reserves Found In North

China has found massive shale oil reserves in its northern Tianjin municipality, Chinese news agency Xinhua reported on Friday.

Two wells at a field have been flowing for more than 260 days, according to Dagang Oilfield, a subsidiary of state-owned China National Petroleum Corporation (CNPC).

The newly found shale reserves will help boost China’s national energy security and economic development, Xinhua quoted CNPC as saying.

According to EIA estimates, China ranks third in the world in terms of technically recoverable shale oil resources, behind Russia and the United States. 

Over the past year, China’s biggest energy producers have started to tap more tight oil and gas wells, aiming to increase domestic oil and natural gas production at the world’s largest crude oil importer.

A PetroChina test oil well at a shale field in western China could finally mean a strong commercial potential for shale oil for the first time in the world’s top crude importer, Morgan Stanley said last month.  

PetroChina achieved a daily production rate of 100 tons of oil, or 733 barrels, from the Jimsar oil field in the western Xinjiang province, which suggests that shale drilling could finally have a true commercial potential in China, Morgan Stanley said in a note.

“We believe the Jimsar shale oil discovery is likely to trigger China’s shale oil revolution,” Morgan Stanley analyst Andy Meng wrote in the report.

The shale boom in China, however, would be just a fraction of the U.S. shale revolution—Morgan Stanley expects Chinese shale oil production could be 100,000 bpd-200,000 bpd by 2025, which is nothing compared to the millions of barrels of oil pumped in the U.S. every day.

According to EIA estimates, the seven key shale regions in the U.S. produced 8.314 million bpd of oil in February, and an 84,000-bpd increase is expected for March, with the Permian crossing the 4-million-bpd mark for the first time ever.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Bill Simpson on March 01 2019 said:
    Putin won't like this news.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News