The Chinese oil and gas company Sinopec Group has announced the discovery of a shale oil field in the Shandong Province, in eastern China, which holds more than 140 Mt of proven reserves. This is the first shale oil field with proven reserves exceeding 100 Mt to be certified by the Chinese Ministry of Natural Resources. The Shengli oil field is located in the Jiyang shale oil national demonstration zone, in Shandong’s Gaoqing County. Sinopec expects that about 11.36 Mt of shale oil will be technically extractable from the new discovery.
Earlier in March 2025, Sinopec also certified new resources totalling about 180 Mt at two of its shale-oil fields in eastern China. The reserves were been tapped in the Xinxing field in the Bohai Bay Basin and in the Qintong field in the Subei Basin.
Sinopec plans to produce more than 100 Mt/year (730 mbl/year) of oil in the period from 2026 to 2030, and to reach an output of 2 Mt/d or 40 kb/d of shale-oil by 2030.