The Shengli Oilfield affiliated to Sinopec in Dongying, East China's Shandong Province, reported a discovery of 458 million tonnes of shale oil, and a shale oil reserve of more than 4 billion tonnes after pilot exploration, according to the China Petrochemical Corporation (SINOPEC).

According to Sinopec, aside from China, only the U.S. has the capability to extract shale oil at present. The Shengli Oilfield's newly discovered shale oil reserve is likely to play a significant role in safeguarding the country's energy security.