Sinopec's Fuling Shale Gas Field Sets New Production Record

CHONGQING,China,Nov. 5,2020 -- China Petroleum & Chemical Corporation (HKG: 0386,"Sinopec") has recorded China's highest ever daily output of shale gas at 20.62 million cubic meters in its Fuling Shale Gas Field in Chongqing,China. This shale gas project is an important gas source for the Sichuan-East gas pipeline,meeting the daily gas consumption of 40 million households.

Sinopec's shale gas field in Fuling is the first major commercial shale gas project in China,setting a new milestone in China's energy resource industry and contributing to global shale gas development.

Since the beginning of 2020,the Fuling shale gas field achieved full recovery of production through non-stop drilling rig operations and rapid resumption of fracturing gas testing despite the COVID-19 outbreak. It has continuously broken the records for the shortest gas field drilling cycle while increasing the drilling of high-quality reservoirs significantly,covering over 3 million meters. Gas field production construction has been expanded to raise the production capacity.

According to Sinopec,the Fuling shale gas field now maintains a stable daily output of 20 million cubic meters,producing an estimated 6.7 billion cubic meters of shale gas over a full year.

About Sinopec

Sinopec Corp. is one of the largest integrated energy and chemical companies inChina. Its principal operations include the exploration and production,pipeline transportation and sale of petroleum and natural gas; the sale,storage and transportation of petroleum products,petrochemical products,coal chemical products,synthetic fiber,fertilizer and other chemical products; the import and export,including an import and export agency business,of petroleum,natural gas,petroleum products,petrochemical and chemical products,and other commodities and technologies; and research,development and application of technologies and information.

Sinopec sets 'fueling beautiful life' as its corporate mission,puts 'people,responsibility,integrity,precision,innovation and win-win' as its corporate core values,pursues strategies of value-orientation,innovation-driven development,integrated resource allocation,open cooperation,and green and low-carbon growth,and strives to achieve its corporate vision of building a world leading energy and chemical company.