Has China ushered in the shale oil and gas revolution?

With the development of economy, the world energy consumption continues to grow, and the dominant position of oil and gas in the world primary energy consumption will remain stable for a long period. The proportion of shale oil and gas in the global oil and gas supply is increasing continuously, which is mainly due to the success of the American shale revolution. The successful development of shale gas has turned the United States into a net exporter of natural gas, while shale oil has greatly reduced its dependence on foreign oil to a new low of nearly 10%. The shale revolution in the United States not only has been boosting the economy development of the United States, but also has a far-reaching impact on the world's energy pattern. Under the vigorous promotion of the Chinese government and through the active practice of the NOCs, China's shale gas has achieved a major breakthrough in a short period of time, becoming the third country across the world with commercial development capability after the United States and Canada. Although China has made great progress in shale gas exploration and development, it still faces many challenges, the solution to which requires innovation in theories, technologies and business models. China has huge potential of shale oil resources, but the exploration and development of the shale oil are even more challenging. It is necessary to carry out in-depth research on the enrichment mechanism, distribution pattern, sweet-spot prediction and low-cost development technologies of continental shale oil. Overall, China is embracing the shale gas revolution, while the shale oil revolution has not yet arrived. © 2019, OIL & GAS GEOLOGY Editorial Board. All right reserved.