Shanghai. September 11. INTERFAX-CHINA – The oil shale project carried out by Jilin Shell Oil Shale Development Co., Ltd. (Jinlin Shell) ), is “making firm progress,” the company announced.
The joint-venture company has dug 5 exploration wells, Liu Xiaowei, the director of External Affairs of Shell (China) said, at the Second Northeast Asia Investment And Trade Expo in Jilin.
Liu said the project is being carried out in three phases: the exploration phase to survey the oil shale resources available in northeastern China’s Jilin province, which will last 2 years; the trial production phase and the mass production phase, China Oil News reported.
“The project is significant to diversify the energy sources of our country,” Qiu Xiaofeng, an oil and gas analyst with Everbright Securities, told Interfax.
“China has abundant oil shale resources, of. billions [of tons], including proven reserves of 17.4 bln tons in Jilin province, accounting for about 55% of the total proven quantity of the whole country; and the estimated oil reserves [in Jilin] are larger than 870 mln tons,” said Zang Quanye, the deputy director of Jilin Bureau of Land and Resources.
“Due to technological factors, oil products made from oil shale are pretty expensive, so far, but as an alternative energy, it will increase energy supplies, and reduce our dependency.,” Qiu said.
Jilin Shell is a joint-venture company established by Jilin Guangzheng Minerals Co., Ltd. and Shell (China) on September 1 2005, with investment of USD 150 mln, aiming at exploring and developing oil shale
deposits in Jilin.
The oil shale project was officially launched in May this year. The first well was dug in Chaigang Town, Nongan County.
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