Largest Oilfield in 4 Decades Discovered
Xinhua
China's newly found oilfield in Bohai Bay has a reserve of one
billion tons, or about 7.35 billionbarrels, the largest discovery
in the country over four decades, announced the China National
Petroleum Corporation (CNPC) Thursday.
The oilfield lies in the Nanpu block of the CNPC's Jidong Oilfield
in Caofeidian in Tangshan City, north China's Hebei Province, said
the company.
The Nanpu block, partly offshore, covers an area of
1,300-1,500square kilometers and is expected to produce light
crude.By 2004, 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.
PetroChina, the CNPC's holding company, boasted Asia's highest
profitability last year with 142.2 billion yuan (18.5 billion
U.S.dollars) in annual net profit.
