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Major oil reserves discovered at Bohai Bay
(China Daily)
Updated: 2007-03-20 08:42
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China's top oil producing and offshore oil companies simultaneously unveiled major discoveries yesterday.
PetroChina announced it had discovered a "very rich" oil field at Bohai Bay the biggest in China in the past decade while CNOOC said it has an "exciting find", also in Bohai Bay.
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With an initial daily output of 500 tons (3,700 barrels), the Bohai Bay field is "the largest find in China in 10 years," Jiang Jiemin, vice-chairman and president of PetroChina, told a press conference inHong Kongyesterday.
He did not elaborate on the total reserves of the Bohai oil field. The gas field in Sichuan has been tested to have a daily capacity of 1 million cubic meters.
"The two new fields are milestone discoveries. They have very steady output so far," said Jiang.
PetroChina has currently six domestic oil and gas fields with each one's annual output breaking through 10 million tons of oil equivalent.
Before that, China's largest fossil fuel find in the last 10 years was a 400-million-ton oil field in Northwest China by PetroChina.
Meanwhile, CNOOC announced yesterday that the Bohai Bay discovery involved a test output of 1,600 barrels of oil and approximately 10 million cubic feet of gas per day.
Zhu Weilin, vice-president of CNOOC, said of the "exciting" discovery: "We hope to develop a large-scale cluster of oil and gas fields (there) in the future."
The "encouraging" discoveries will substantially relieve China's energy thirst and increase prospects for energy independence, according to Han Xuegong, a senior consultant at CNPC, PetroChina's parent company.
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