Source: CCTV.com

05-08-2007 13:53

China has been abuzzed with last week's announcement of a new oil field discovered by China National Petroleum Corporation. The field in Bohai Bay is said to be the largest discovery in decades. Now, the company says the reserve is sufficient for 50 years of oil extraction.

The Nanpu block, located in Hebei Province and partly offshore, is estimated to have a reserve of one billion tons, or about 7 billion barrels. That makes it the biggest discovery in the country in four decades.

"Density is the most important gauge of crude oil. The density of this oil field stands at 0.82 to 0.83 - a light to normal level. The reserve is not deep - at about 1800 to 2800 meters under the ground," says Jia Chengzao,Vice President of China National Petroleum Corporation.

CNPC plans to boost production by 1 million tons every year from 2008. The production will be 10 million tons annually by 2012. The total reserve is 1/6 of the Daqing oil field, and officials say it will be adequate for 50 years of extraction.

The Nanpu find comes at a time when the Ministry of Commerce says the country's oil dependency keeps increasing. It's predicted that China's crude oil imports this year will reach 160 million tons.

CNPC says it may build a oil refinery near the finding.

 

Editor:Chen Ge