Recently, the first-phase proven geological reserves of Fuxing Oilfield — 20.1 million tonnes of oil and 12.35 billion cubic meters of natural gas — submitted by Sinopec Exploration Company and Sinopec Jianghan Oilfield have been reviewed and approved by China’s Ministry of Natural Resources.

This marks the birth of the first shale oil field in the Sichuan Basin, as well as the first oil field in Chongqing.

Shale oil is the “black gold” hidden in organic-rich shale formations. Sinopec has continued to expand its exploration efforts and confirmed three major new oil fields in large shale formations.