New oil field expected to pump 10m tons annually

CHINA’S newly found oil field in Bohai Bay is expected to reach an annual output of 10 million tons by 2012 and will play an important role as one of the country’s long-term oil reserves, two high ranking officials of PetroChina Co Ltd said in Beijing yesterday.

The Jidong Nanbao Oilfield, which was considered to be China’s largest discovery over four decades, will meet the country’s long-term oil demand and guarantee the country’s oil consumption security, said Jia Chengzao, the company’s vice president who is also an academic and oil geologist with the Chinese Academy of Sciences.

ShanghaiDaily