Chinanews, Shanghai, Mar. 29 – PetroChina has discovered a large oil field in the Jidong Oil Block in Bohai Bay, with its reserves estimated at 2.2 billion barrels a day, an official from the Ministry of Land Resources said recently. An insider close to the issue said that within three years, the oil field might be able to produce 200,800 barrels of oil every day, the Shanghai Securities Journal reported.

 

PetroChina’s vice president Jiang Jiemin announced the news at a press release last week, the official told Dow Jones.

 

According to Jiang, the new offshore oil field, located in the coastal area in the northeast part of China, is the largest ever discovered in China over the past ten years.

 

The crude oil output of the new oil field might exceed that of the Tarim Basin, another insider said.

 

The oil field in the Tarim Basin, situated in the northwestern part of China, is another large oil field operated by PetroChina.

 

PetroChina will disclose more detailed information about the newly discovered oil field later in May or June, a manager at PetroChina said.