TIANJIN, March 1 (Xinhua) -- Massive shale oil reserves have been found in north China's Tianjin Municipality.
According to Dagang Oilfield, a subsidiary of state-owned China National Petroleum Corp. (CNPC), two flowing wells have seen shale oil flowing for more than 260 days, with a daily raw oil output of 20 to 30 cubic meters. The area has a storage of 100 million tonnes of such oil.
China has rich shale oil resources. According to the International Energy Agency, China has recoverable shale oil reserves of about 5 billion tonnes, second only to Russia and the United States.
The reserves will help with the development of shale oil and have great significance in national energy safety and economic development, according to CNPC.
Dagang Oilfield was established in 1964. It explores oil in 25 districts, cities and counties in China.