News on 4 May 07.
China discovers largest oilfield in four decades Boosting its status as one of the top oil producers, China has struck its biggest oil discovery in four decades in Bohai Bay having a reserve of one billion tonnes or about 7.35 billion barrels.
The high-quality oilfield lies in the Nanpu block of the Jidong Oilfield in Caofeidian in Tangshan City, north China's Hebei Province, the China National Petroleum Corporation (CNPC) announced.
The Nanpu block, partly offshore, covers an area of 1,300-1,500 square kilometres and is expected to produce light crude.
The CNPC had discovered five onshore oil fields in the Jidong area with a total reserve of 735 million barrels and an annual output of 7.35 million barrels.
The company previously estimated that the reserve of the new oilfield was 2.2 billion barrels and the daily output would be 200,800 barrels in three years.
An academic and oil geologist with the Chinese Academy of Sciences, Jia Chengzao said that new discoveries will be made in the area around the Bohai Sea following the Jidong Nanbao Oilfield, which will lead to a rapid growth of the corporation's oil. DDNews India
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