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Petrochina Shares Soared 16% on New Discovery

Shares of PetroChina Co surged as much as 16.4 percent after the company announced China's biggest oil and gas discovery...

Shares of PetroChina Co surged as much as 16.4 percent after the company announced China's biggest oil and gas discovery in half a century.

The deposit in northeastern China's Bohai Bay has an estimated about 7.5 billion barrels of oil.

China has stepped up oil exploration to meet increased demand in the world's fastest-growing major economy and reduce reliance on imports.

Now PetroChina expects to outspend Exxon Mobil Corp. and Royal Dutch Shell Plc this year as it drills deeper and further offshore to make up for declining output at Daqing, China's biggest and oldest field.