Discovery of massive oil deposit could be a game-changer for China ...News

Russia Today - Economy
Discovery of massive oil deposit could be a game-changer for China
source : Russia Today ( News ) () 63
China’s largest oil and gas producer CNPC has announced the discovery of an oilfield that could hold over a billion tons of reserves in the northwest of the country. According to CNPC, the proven reserves at Qingcheng oilfield in the Ordos basin stand at 358 million tons, while its estimated reserves could reach 693 million tons. A total of 640,000 tons of oil will be produced in the oilfield this year, and the annual output is expected to reach three million tons in the near future, according to Li Luguang, vice president of PetroChina (a subsidiary of CNPC). Also on rt.com

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