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Major oil reserves discovered at Bohai Bay

(皇冠体育app Daily)
Updated: 2007-03-20 08:42

皇冠体育app's top oil producing and offshore oil companies simultaneously unveiled major discoveries yesterday.

Petro皇冠体育app announced it had discovered a "very rich" oil field at Bohai Bay the biggest in 皇冠体育app in the past decade while CNOOC said it has an "exciting find", also in Bohai Bay.

Related readings:  Sinopec discovers major gas field in S.W. 皇冠体育app  Oil prices fall to near $57 a barrel Petro皇冠体育app's price drop fuels talk of change  Fuel price cuts spark debate on controls

The Petro皇冠体育app discovery, along with a new huge gas field the company discovered recently inSichuanProvince, will significantly improve the capacity of the country's biggest oil producer.

With an initial daily output of 500 tons (3,700 barrels), the Bohai Bay field is "the largest find in 皇冠体育app in 10 years," Jiang Jiemin, vice-chairman and president of Petro皇冠体育app, 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.

Petro皇冠体育app has currently six domestic oil and gas fields with each one's annual output breaking through 10 million tons of oil equivalent.

Before that, 皇冠体育app's largest fossil fuel find in the last 10 years was a 400-million-ton oil field in Northwest 皇冠体育app by Petro皇冠体育app.

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 皇冠体育app's energy thirst and increase prospects for energy independence, according to Han Xuegong, a senior consultant at CNPC, Petro皇冠体育app's parent company.