China’s new oil find may be biggest in decade

CHINA has found a huge offshore oilfield that could become the country’s biggest new oil source in a decade, The Associated Press reported today, citing Xinhua news agency.

The scale of the discovery, if confirmed, would be welcome news to China, the world’s No. 2 oil consumer behind the United States and its oil imports rose 14.5 percent last year.

PetroChina Ltd, which found the field in Bohai Bay off China’s east coast, estimated its reserves at 2.2 billion barrels, Xinhua said.

ShaghaiDaily