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. Over the past year, China’s biggest energy producers have started to tap more tight oil and gas wells, aiming to increase domestic oil and natural gas production at the world’s largest crude oil importer. A PetroChina test oil well at a shale field in western China could finally mean a strong commercial potential for shale oil for the first […]