BLOOMBERG
PetroChina Co. made a discovery in an offshore field in eastern Bohai Bay that that may be the largest in East Asia in 33 years.
The field may hold as much as 2.2 billion barrels of oil, China’s official Xinhua news agency reported on its website, citing officials at the Beijingbased company it didn’t identify.
The field might produce 200,800 barrels of oil a day in three years, Xinhua said, enough to meet 95 per cent of the needs of PetroChina’s largest refinery in Dalian.
“That’s a pretty big field,” said Ian Cross, vice-president of business intelligence at Inc., an Englewood, Colo.-based research company. “We only get a few discoveries a year in that range worldwide.”