China's Sinopec found oil in shale rocks in the central Henan basin, the site of pioneering explorations for the unconventional fuel, an industry paper reported.
tested 12-15 cubic metres of oil a day from Qinye HF1 well in Qinyang basin, after multiple portions of hydraulic fracturing, China Petrochemical News, an in-house paper of Sinopec, said on Thursday.
The company called it a "big breakthrough" in a continental basin, an area Chinese firms believe is more geologically challenging compared to a marine basin.
China has since late 2009 embarked on a campaign to hunt for the unconventional resource, inspired by the shale revolutions in the United States, where massive amounts of gas and oil were proven and produced out of the shale rocks.
China is now widely believed to hold more shale reserve than the United States,
It seems to me that such a discovery would be deemed impossible by the Enviros, according to them we have passed the point of no return - THERE IS NO MORE OIL!
On the other hand, wouldn't it be a wonderful development if China were suddenly providing most of its own oil and refined products? Imagine what the price of crude would do if China dramatically reduced the amount of crude they imported. Better still, what would happen if China suddenly discovers they are siting on huge reserves in remote areas that are just now being explored?
I can explain it to you but I can't understand it for you.
"Any man who thinks he can be happy and prosperous by letting the Government take care of him; better take a closer look at the American Indian." - Henry Ford
Corruptissima re publica plurimae leges; When the Republic is at its most corrupt the laws are most numerous. - Publius Cornelius Tacitus
