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Sinopec Adds 1.3 Billion Barrels of Shale Oil Reserves
China’s authorities have certified 1.3 billion barrels of new reserves at Sinopec’s two shale plays in the eastern part of the country, the Chinese state-controlled giant said on Monday. The new shale oil reserves have been found at the Xinxing field in the Jiyang trough of the Bohai Bay basin and the Qintong field in the Subei basin, China Petroleum & Chemical Corporation, or Sinopec, said in a statement carried by Reuters. However, the shale reserves are deep underground, at between 3,000 meters (9,842 ft) and 4,650 meters (15,256…