Large oil field discovered in western China
China National Petroleum Corp (CNPC) discovered a new oil field with an estimated one-billion-tonne reserve in western China, the official Xinhua News agency reported, citing officials from PetroChina.
The discovery sits in the Juggar Basin of the Xinjiang region in western China.
The oil field in the Mahu Area, with a proven reserve of 520 million tonnes, may store up to 1.24 billion tonnes, according to the PetroChina Xinjiang branch.
Tang Yong, a geologist with PetroChina that is a leading oil producer in the country, said the area had the natural conditions for another one-billion-tonne reserve discovery.
New oil production capacity of 1.38 million tonnes has been built in the area over the past two years. Over six million tonnes of new capacity has been planned for 2016 to 2020.