China Announces Discovery of a 'Major Shale Oilfield'

Bryan Preston : Aug 27, 2021
PJMedia.com

The Permian set the stage for the US 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 US 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.

[PJMedia.com] China uses about 12 million barrels of oil per day, of which about 10 million are imported. The US consumes about 18 million bpd. (Image: Unsplash-Ling Tang)

The communist country announced this week that it has discovered a large new domestic shale oilfield, according to Yahoo:

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 US energy production and killed the Keystone XL pipeline)... Subscribe for free to Breaking Christian News here

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