Sinopec, China's largest oil refiner, on Monday announced the discovery of two new major shale oilfields in the east of the country with combined proven reserves of 180 million tonnes. The confirmation of the Xinxing and Qintong oilfields, which was proved by China's Ministry of Natural Resources, is a strategic move to exploit and identify shale oil reserves in the country's continental rift basins. Shale oil mainly refers to liquid hydrocarbons trapped in formations of shale rock that can be extracted for refining. It is often found in organic-rich shale and thin interlayers of carbonate rock, sandstone and siltstone. The two oilfields show promise for high initial yields due to favorable fracturability and formation pressure, with test results indicating the likelihood of stable outputs over extended periods. Sinopec is aiming to see an annual shale oil output of 2 million tonnes by the end of the 15th Five-Year Plan period (2026-2030), with an annual increase in proven crude oil reserves exceeding 100 million tonnes during the period. The recoverable shale oil reserves in China, one of the world's major crude oil consumers, ranks third globally. Data from China's National Energy Administration shows that the country's crude oil production was 213 million tonnes in 2024, while its shale oil output surged to 6 million tonnes, a year-on-year increase of over 30 percent. Shotlist: China - Recent: 1. Various of facilities at oilfield; 2. Various of workers working; Shandong Province, east China - March 4, 2025 3. SOUNDBITE (Chinese) Jia Chengzao, fellow, Chinese Academy of Sciences (partially overlaid with shot 4): "We have developed our own set of practices, and shale oil reservoirs can now be developed economically. After the peak period of conventional oil, its output declined. Through the development of shale oil, old oilfields can experience a second major development."; [SHOT OVERLAYING SOUNDBITE] China - Recent 4. Various of engineers discussing, working on computer, computer screen showing data; [SHOT OVERLAYING SOUNDBITE] 5. Various of engineers discussing, working on computer; 6. Various of facilities at oilfield; 7. Various of engineers working; 8. Aerial shots of facilities at oilfield. [Restriction - No access Chinese mainland]