Sinopec reports Qinyang shale find

Shale success: Chinese state oil giant says it has found oil in Qinyang basin

China's Sinopec has said it has found oil in shale rocks in the central Henan basin, the site of pioneering explorations for the unconventional fuel in the country.

The Chinese state oil player tested 12-15 cubic metres of oil a day from the Qinye HF1 well in Qinyang basin after multiple portions of hydraulic fracturing, according to its in-house newsletter China Petrochemical News, Reuters reported.

The newsletter said shale layers were mostly trapped in the deep parts of the Qinyang basin over an area of 400 square kilometres.

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…

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