Posted on 08/27/2021 9:12:14 AM PDT by rktman
China announced on Wednesday the discovery of a major shale oilfield in the Daqing Oilfield cluster with expected reserves of 1.27 billion tons of oil, Chinese Xinhua news agency reported.
Daqing Oilfield is one of China’s major onshore production centers, and the new discovery is expected to help it boost its oil production in the coming years, according to Xinhua.
That oilfield has about 40 wells producing currently. The new find is expected to boost that significantly, but there’s a catch. The oil and gas in this field are very deep underground, and the field itself lacks sufficient pipeline access according to a very knowledgeable source I reached out to.
The Daqing find is large, but it’s nowhere near the scale of the find in the Permian Basin in 2018. That find is truly massive and game-changing (or was, until Joe Biden clamped down on U.S. energy production and killed the Keystone XL pipeline).
The Permian set the stage for the U.S. to become the world’s largest oil and gas producer in 2019 and 2020. Under its new energy policies, though, the Biden administration recently had to ask OPEC+ to pump more oil to bring U.S. gas prices down. OPEC+ dismissed the request out of hand. Biden’s executive orders canceling the Keystone XL and pausing oil and gas leases on federal land have both been challenged in court by several states and developers, and Biden lost on the leases.
(Excerpt) Read more at pjmedia.com ...
Whenever China (or anyone else) finds a new source of oil, that reduces demand on the rest of the known reserves.
There is a great business opportunity here—urinals with Bidet’s face on the bottom of them.
And since they are a developing country, they can burn it and spill it and frack the baggebbers out of it, with full support of the greenies.
Can we send Greta over there fast enough to stop this?
Golly. I bet China is all concerned that fracking this site will cause earthquakes and stuff.
“China announced on Wednesday the discovery of a major shale oilfield in . . .”
Texas where they bought a pile of land?
Africa where they loaned/repo’d a country or three?
But AOC and the rest of the Effin Tree want GREEEEEEEEEEN!
Guess Xio Bei Din and the crew have some ‘splainin to do.
And flaming faucets and stuff. Oh, do the rural areas have faucets? Or just a repeat of the Cuyahoga River Fire.
Whenever China (or anyone else) finds a new source of oil, that reduces demand on the rest of the known reserves.
A lesson lost on Boston U. Economics graduate Alexandria Ocasio-Cortez.
She has demonstrated that the law of supply and demand is something she is absolutely unaware of ever hearing.
My bet....They will call on Russia to help them recover it.
Thought it would be Afghanistan which does have oil.
Reminds me of a similar thing from the civil war. In Louisiana.
Largest oil reserves in the world are in Venezuela.
We have enormous shale oil reserves in the Green River Formation but it is not price competitive with conventional oil extraction.
The Daquing area has been the center of Chinese oil production for a very long time. Find it on a map, of both today and World War II. Japan wanted that area because it was known to have coal and oil.
But not much anymore. 4-5 million barrels/day of production, and falling. China consumes about 14.5 million barrels/day. And growing. China was the only country in the world to grow its oil consumption in 2020. Everyone else slashed.
The difference is imported from Russia and the Middle East, with Iran grabbing some of that business from Saudi Arabia.
Their source in the article knows nothing. Shale formations are not typically down more than about 2 miles. Very deep oil is often 23000 feet down, double 2 miles. Fracking a shale field in Daquing is 1) very possible and 2) likely silly.
Silly because that formation is non shale. Why a shale field would be found now after literally decades of exploration . . . silly.
I suspect there is nothing there and someone is trying to steal investment money
Unlike scoialism and people, not all oil reserves are created equal. From what I understand these reserves are of lower quality, heavy and requiring lots of processing
Fracing has never caused induced seismisity the actual term for it. Every case of documented and much researched induced seismisity was due to deep salt water injection on or near the basement rock group. I had one of my master’s student’s do his thesis on induced seismisity in the Midland basin, he also reviewed Oklahoma’s two deep basins and Utah’s unita basin with additional literature reviews from the USGS covering the Barnett basin and the east Texas woodbine basin.
Deep salt water disposal injections can absolutely induce seismisity up to 25 km from the injection site, particularly pre-existing basement faulting under tectonic strain.
PhD Hydrogeolgist & Petroleum Geologist 20+ years in the industry on 6 of 7 continent’s.
Sinopec had a ten year joint venture with Pioneer Natural Resources with 50/50 split of ownership and land rights to the JV acreage. They also had full access to every bit of the drilling and hydraulic stimulation technology used in that JV acreage. They spent ten solid years learning how to use American technology to recover shale oil they have zero need now to ask anyone else for technology nor trained personnel we did it for them for ten years. Once they had all the trained up people and technology they divested in PNR and the JV. This was blessed by Obambi so much so that when the US was going to export it’s first tanker full of oil under the the congressional prohibition on exporting US oil obammy overrode Congress and personally authorised the export and whose oil was on that tanker PNR as pay off for the JV with Sinopec. PNR was allowed to export tankers for a solid year before anyone else could legally.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.