Shengli Oilfield is a vital petroleum industrial base in China. It is a collective designation for three entities: Sinopec Shengli Petroleum Administrative Bureau Co., Ltd., Shengli Oilfield Branch of China Petroleum & Chemical Corporation, and Sinopec Shengli Petroleum Engineering Co., Ltd. affiliated to Sinopec Oilfield Service Corporation. Its core businesses cover oil and gas exploration and development, petroleum engineering technical services, surface engineering construction, deep processing of oil and gas, and oilfield community services.

Its operation areas span 28 counties and districts across eight cities in Shandong Province, namely Dongying, Binzhou, Dezhou, Jinan, Weifang, Zibo, Liaocheng and Yantai, as well as five other provinces and autonomous regions including Xinjiang and Inner Mongolia. Approved by the State Council, Shengli Petroleum Administrative Bureau was once an oilfield administrative institution under the former Ministry of Petroleum Industry. Currently, the exploitation and operation of Shengli Oilfield are managed by Shengli Oilfield Branch of China Petroleum & Chemical Corporation.

By the end of 2013, it had a total workforce of 179,800 employees. Over more than 50 years of development, Shengli Oilfield has made remarkable contributions to national economic growth. It has discovered 5.387 billion tons of proven geological oil reserves and 267.6 cubic kilometers of proven geological natural gas reserves, produced 1.087 billion tons of crude oil, generated total revenue of RMB 1.7737 trillion, and paid taxes and profits of RMB 874.7 billion, greatly boosting the development of the petroleum and petrochemical industry.

On February 17, 2016, the official release of Sinopec Shengli Oilfield stated at its 2016 technical development forum that four oilfields — Xiaoying, Yihezhuang, Taoerhe and Qiaozhuang — would be fully shut down in 2016.