by Tsvetana Paraskova, March 1, 2019 in OilPrice

China has found massive shale oil reserves in its northern Tianjin municipality, Chinese news agency Xinhua reported on Friday.

Two wells at a field have been flowing for more than 260 days, according to Dagang Oilfield, a subsidiary of state-owned China National Petroleum Corporation (CNPC).

The newly found shale reserves will help boost China’s national energy security and economic development, Xinhua quoted CNPC as saying.

According to EIA estimates, China ranks third in the world in terms of technically recoverable shale oil resources, behind Russia and the United States

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