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Chinese Petroleum Giant Discovered Oilfield

PetroChina estimates the reserves of the oilfield it has recently discovered in Baohai Bay

PetroChina, China's leading oil producer, estimates the reserves of the oilfield it has recently discovered in Baohai Bay, eastern China, at 2.2 billion barrels, sources with the overseas-listed company said on Wednesday.

According to the company sources, the daily output of the newly found oilfield, which is located at the Nanpu block of PetroChina's Jidong Oilfield at Bohai Bay, will likely reach 200,800 barrels in three years.

The newly found oilfield is the largest China has discovered over the past ten years, according to PetroChina.

The sources said PetroChina would announce some details about the newly found oilfield in May or June.