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Huge oilfield in China

BEIJING: China's newly found oilfield in Bohai Bay has a reserve of one billion tonnes, or about 7.35 billion barrels, the largest discovery in the country over four decades, said the China National Petroleum Corporation (CNPC). The field lies in the Jidong oilfield in the Hebei Province. The block, partly offshore, covers 1,300-1,500 sq km and is expected to produce light crude. The company previously estimated that the reserve of the new oilfield was 2.2 billion barrels and the daily output would be 2,00,800 barrels in three years. China's oil dependency, or net oil imports against oil consumption, went up 4.1 percentage points year on year to 47 per cent in 2006, according to the Ministry of Commerce. Last year, the nation produced 183.68 million tonnes of crude oil, up 1.7 per cent, and imported 138.84 million tonnes, up 16.9 per cent. Its oil consumption (crude plus oil products) amounted to 346.55 million tonnes, up 9.3 per cent.

— Xinhua

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