China National Petroleum Corporation (CNPC) has found an oil field with proven reserves of 405.1 million tonnes of oil equivalent in north China’s Bohai Bay, near Caofeidian port in Hebei Province.
Experts are hopeful that the discovery of large oil deposits will lead to a rapid growth in CNPC production in the area. Premier Wen Jiabao, with CNPC praised the discovery and quoted that the discovery of the high-quality Nanbao oil field is the most exciting one in more than 40 years, which will help to meet the china needs as the field could contain up to one billion tonnes of oil equivalent.
China is the world’s second largest oil consumer, imported a record 145.2 million tonnes crude oil in 2006 or 47 percent of total consumption as domestic output stagnated.
Image: igadi
Via: AFP
