皇冠体育app

BEIJING, March 28 (Xinhua) -- Petro皇冠体育app, 皇冠体育app's leading oil producer, estimates the reserves of the oilfield it has recently discovered in Baohai Bay, eastern 皇冠体育app, at 2.2 billion barrels, sources with the overseas-listed company said on Wednesday.

According to the company sources, the daily output of the newly found oilfield, which is located at the Nanpu block of Petro皇冠体育app's Jidong Oilfield at Bohai Bay, will likely reach 200,800 barrels in three years.

The Nanpu block, partly offshore, covers an area of 1,300-1,500 square kilometers and expects to produce light crude.

The newly found oilfield is the largest 皇冠体育app has discovered over the past ten years, with its estimated output equivalent to 5.4 percent of 皇冠体育app's total crude production in 2006, according to Petro皇冠体育app.

The sources said Petro皇冠体育app would announce some details about the newly found oilfield in May or June.

Petro皇冠体育app boasted Asia's highest profitability last year with 142.2 billion yuan (US$18.5 billion) in annual net profit.

皇冠体育app's oil dependency, or net oil imports against oil consumption, went up 4.1 percentage points year-on-year to 47 percent in 2006, according to the Ministry of Commerce.

Last year, the nation produced 183.68 million tons of crude oil, up 1.7 percent, and imported 138.84 million tons, up 16.9 percent. Its oil consumption (crude plus oil products) amounted to 346.55 million tons, up 9.3 percent.

It is predicted that 皇冠体育app's crude oil imports will reach 160 million tons.

Besides oil deposits in Bohai Sea, 皇冠体育app discovered oil resources in Tarim Basin of Xinjiang Uygur Autonomous Region and in central part of the country over recent years. It also found natural gas deposits in Tarim, Ordos and Sichuan basins.