China discovers new oil field
Economy News - Baghdad
China's giant petroChina has discovered a huge oil field in the northwestern Ordos basin, with reserves of more than 1 billion tonnes, the company said on Monday.
"The field was discovered in Xingyang District, Gansu Province, with proven reserves of 358 million tons and potential reserves of 693 million tons," CNPC said on its official website. .
It is expected that the volume of oil production in this field this year to about 640 thousand tons, while in the near future will reach 3 million tons.
The company announced the discovery of a shale gas field in the Sichuan oil and gas basin. The company plans to produce shale gas this year at a rate of 7.7 billion cubic meters.
One ton of oil is equivalent to seven barrels of oil.