Oil Giant Sinopec Opens New Shale Play in China

China has certified 147 million barrels of oil reserves in a new shale play operated by state energy giant Sinopec in the southwestern part of the country, as the world’s top crude oil importer look to boost domestic output. China Petroleum & Chemical Corporation, or Sinopec, as it is more commonly known, announced on Thursday that the Chinese Ministry of Natural Resources certified 20.1 million metric tons, or 147 million barrels of oil, in the Fuxing shale play, as well as 12.35 billion cubic meters of natural gas reserves. The Fuxing…