China reports big oil discovery: 2.2 billion barrels

China reports big oil discovery: 2.2 billion barrels

seattletimes.nwsource.com

BEIJING — For 15 years, China's oil companies have scoured its territory for new oil sources, drilling in Central Asian deserts and the floor of the Pacific, hoping to reduce rising dependence on imports.

After years of disappointment, PetroChina Ltd. announced it has found an offshore field that could become China's biggest new domestic-petroleum source in a decade, with reserves of 2.2 billion barrels, the official Xinhua News Agency said Wednesday.

Such a field would be a "world-scale discovery," said Gavin Thompson, an oil consultant in Beijing for the Scottish firm Wood Mackenzie.

(visit the link for the full news article)

This is good news for China and the rest of the world. They are going to need it to continue to fuel their vigorous economic growth. I just wonder how long it will take for enviro extremists to start whining about China's increased oil consumption.

seattletimes.nwsource.com
(visit the link for the full news article)

It is a good discovery, and also already being discussed here:



China Makes Major New Oil Find

Yeah...sorry about that. I just found your thread by accident. I did a search for this before posting but nothing came up.