PR98449

BEIJING, Oct. 24, 2022 /PRNewswire=KYODO JBN/ --

Sinopec Southwest Oil & Gas Company of China Petroleum ("Sinopec Southwest") &

Chemical Corporation (HKG: 0386, "Sinopec") has discovered new shale gas

reserves in the Jinshi 103HF exploratory well deployed in the Sichuan Basin.  

With a daily natural gas production reaching 258,600 cubic meters and an

evaluated resource capacity of 387.8 billion cubic meters, it is a major

breakthrough for China's shale gas exploration, and the first discovery in the

Cambrian Qiongzhusi Formation.  The find has significantly expanded shale gas

reserves and will further promote shale gas exploration and production in the

Sichuan Basin.

The Sichuan Basin is composed of two main formations, the Longmaxi and

Qiongzhusi.  The former has seen significant exploration and production

including China's first deep shale gas field, Weirong, while Qiongzhusi boasts

the most potential for future exploration. The breakthrough will provide a

strong impetus for expanding shale gas exploration and development from the

single formation to reach new formations and field types, and contribute to

build a national natural gas (shale gas) reserve with 100 billion cubic meters

of capacity in the Sichuan and Chongqing region.

Sinopec Southwest has shifted from the traditional method of seeking shale gas

in organic rich black shale and established new evaluation standards for the

Cambrian shale beds, which led to the discovery of the silty shale gas

exploration target layer. Faced by the challenges of the thin shale layer,

large longitudinal stress difference and difficulty in scaled transformation,

the company has implemented a new fracturing process and fracturing fluid

system to achieve multi-stage fracturing transformation.

In the past decade, Sinopec Southwest has advanced oil and gas exploration and

development, with major achievements including the completion of the world's

first ultra-deep, high-sulfur reef gas field, the Yuanba gas field, and the

identification of China's first deep shale gas field, Weirong shale gas field.

The company has implemented new reserves of the scale of over 100 billion cubic

meters, including Hexingchang Xujiahe, Yongchuan Longmaxi and Jingyan

Qiongzhusi formations. Its annual natural gas production has increased from

2.82 billion cubic meters in 2012 to 8.001 billion cubic meters in 2021, with a

cumulative production of 52.95 billion cubic meters, which makes the subsidiary

the largest natural gas producer in the Sinopec Group.

For more information, please visit Sinopec (http://www.sinopec.com/).

Source: SINOPEC

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   Link: http://asianetnews.net/view-attachment?attach-id=432222

   Caption: Sinopec Announces Major Discovery of Shale Gas in Sichuan Basin: First

Breakthrough in Cambrian Qiongzhusi Formation.