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Monday, May 07, 2007

China reports its largest oil find in four decades

A huge PetroChina (0857) discovery in Bohai Bay has increased the nation's oil reserves by one fifth, pushed China past Libya to ninth in the world's oil reserve rankings and significantly boosted the oil giant's share price and analysts' outlook.
The surging share price pushed PetroChina to overtake BP to become the world's third-largest oil company by market capitalization, after ExxonMobil and Royal Dutch Shell.

But even though Premier Wen Jiabao called the find "the most encouraging discovery in over 40 years" - giving him a "sleepless night" - the high cost of development and the speed that oil can be obtained from the field are a concern.

(Source)


Other sources said that the discovery boasted China's oil reserves by 7.35 billion barrels or one billion tons.

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