China has discovered a major oil field
China National Offshore Oil Corporation (CNOOC) has discovered a large oil field in the Bohai Gulf, it said in a statement.
The oil reserves there amount to 100 million tons. CNOOC estimates that a well at the field is capable of producing about 2,040 barrels of crude oil and 320,000 cubic meters of gas daily. The field is located in the southern part of the Bohai Bay in the Yellow Sea, about 170 kilometers from Tianjin city.
Last November, China's Sinopec Corp. found a large shale gas field in southwest China, with estimated reserves of about 146 billion cubic meters. Shale gas is considered a clean energy source.
In October, Sinopec discovered a large gas well in a field in the Sichuan depression in the southwest of the country. Its reserves are about 387.8 billion cubic meters.