The U.S. holds more oil reserves than anyone else in the world, including Saudi Arabia, Russia, and Venezuela. That conclusion comes from a new independent estimate from Rystad Energy, a Norwegian consultancy. Rystad estimates that the U.S. holds 264 billion barrels of oil, more than half of which is located in shale. At average December/January volumes, American oil and gas sales to China would be worth around $10 billion a year. Including exports to Japan, South Korea and Taiwan, the figure doubles. By a nasty twist of fortune, many of the largest deposits of shale oil and gas happen to lie in areas with the scarcest supply of water, according to WRI. But China is among the unluckiest. China is already in the initial stages of developing its vast shale gas resources, with production last year making up just 6 percent of total gas output after more than a decade of work. China’s shale oil is at an even more basic phase due to challenging geology and hefty development costs, experts said. BP has doubled down on its commitment to shale gas in China by striking a second exploration deal with China National Petroleum Corporation.. The agreement, covering a 1,000 sq km area of Sichuan Since 2010 the Chinese energy company Sinopec, the China National Offshore Oil Corporation (CNOOC), and the state-owned Sinochem spent at least $8.7 billion to buy stakes in shale gas operations
29 Sep 2019 Some 740.97 billion cubic meters of newly added proven shale gas reserves have been explored in southwest China's Sichuan Basin, making Sichuan shale gas blocks have total proven reserves of 1.06 trillion cubic meters: China National Petroleum Corporation - Anadolu Agency. 18 Feb 2020 question only makes sense in places that have recoverable shale oil or shale Technically Recoverable Shale Gas. (in Trillion Cubic Feet). China The list of fracking nations does not include these countries at the top, but
Royal Dutch Shell has entered China's shale oil sector, signing an agreement with state-owned Sinopec to study an East China block, part of the nation's early efforts to unlock the potentially Shale oil and gas production requires alot of water to be effective. This has limited the US style of shale oil production. Chinese oil companies are continuing to order VLCCs (2 million barrel ships) so it looks like the state run oil companies don’t expect to see much of a downturn in seaborne imports in the short term (10–20 years). China will nearly double its natural gas production from shale basins over the next two years, energy research firm Wood Mackenzie forecasts. The country's national oil companies have developed homegrown technology and techniques to coax natural gas from China's challenging shale rock formations. The know-how was initially applied to conventional wells before Jianghan No.4, now part of Sinopec, China’s top shale gas firm, built the country’s first shale fracker in 2012. As the shale revolution pushes the U.S. to the top of the list for global oil production, many including China, have sought ways to generate their own shale boom. Chinese companies have invested China has a goal of producing 6.8 billion cubic meters of shale gas in 2015, which would equal 5.5 percent of total 2013 gas production. China has set its companies a target of producing 30 billion cubic meters (bcm) a year from shale, equivalent to almost half the country's gas consumption in 2008.
Oil shale in China is an important source of unconventional oil. A total Chinese oil shale resource amounts of 720 billion tonnes, located in 80 deposits of 47 oil shale basins. This is equal to 48 billion tonnes of shale oil. But China will double its shale gas production to 17 billion cu m a year by 2020, Wood Mac analysts said recently. China will add almost 700 new wells by 2020 at three large fields, two of them operated by PetroChina and one by Sinopec, all in the Northwest. Royal Dutch Shell has entered China's shale oil sector, signing an agreement with state-owned Sinopec to study an East China block, part of the nation's early efforts to unlock the potentially Shale oil and gas production requires alot of water to be effective. This has limited the US style of shale oil production. Chinese oil companies are continuing to order VLCCs (2 million barrel ships) so it looks like the state run oil companies don’t expect to see much of a downturn in seaborne imports in the short term (10–20 years).
By a nasty twist of fortune, many of the largest deposits of shale oil and gas happen to lie in areas with the scarcest supply of water, according to WRI. But China is among the unluckiest. China is already in the initial stages of developing its vast shale gas resources, with production last year making up just 6 percent of total gas output after more than a decade of work. China’s shale oil is at an even more basic phase due to challenging geology and hefty development costs, experts said. BP has doubled down on its commitment to shale gas in China by striking a second exploration deal with China National Petroleum Corporation.. The agreement, covering a 1,000 sq km area of Sichuan Since 2010 the Chinese energy company Sinopec, the China National Offshore Oil Corporation (CNOOC), and the state-owned Sinochem spent at least $8.7 billion to buy stakes in shale gas operations The Chinese want to join the shale gas revolution, even if it means drilling for oil in China’s earthquake hot bed in the Sichuan region, where nearly 70,000 died in an earthquake in 2008. Royal Dutch Shell Plc and China National Petroleum have started 'fracking' operations in the province. But it will be deals with the big international oil companies on China's own turf that likely will bring shale gas expertise to the world's largest energy consumer, experts say.