Oil discovery enough for 50 years extraction

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.

CCTV