PetroChina, a subsidiary of China National Petroleum Corporation, has announced the discovery of significant reserves of shale oil at the nation’s largest oil field, Daqing, in northeastern Heilongjiang province.
“The projected geological reserves of shale oil in the Daqing-Gulong field exceed 1.268 billion tons,” the company said on its official Weibo account.
According to the report, the key exploration wells showed stable test production at the level of 30 cubic meters of oil per day, including oil production at the Guye well. The total volume of crude oil production at the well amounted to more than 6,000 tons during more than 500 days of exploration.
“We managed to achieve an important strategic breakthrough in the production of ‘continental’ shale oil in the Songliao Basin,” said PetroChina.
The Daqing oil and gas field was discovered in 1959. It is currently China’s largest field with geological reserves of more than 5.7 billion tons of oil and 1 trillion cubic meters of natural gas.
For more stories on economy & finance visit RT’s business section