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Nanpu riches pegged at 3bn barrels



By Upstream staff 

PetroChina's Nanpu find in Bohai Bay holds an estimated 3 billion barrels of oil, making it one of the world's biggest discoveries this decade, the company's parent, China National Petroleum Corporation (CNPC) claimed today.

In March, PetroChina flagged the Nanpu find as China's biggest in a decade.

Today, CNPC said that the Jidong-Nanpu field held proven reserves of 405.07 million tonnes of oil equivalent (3 billion barrels).

It said the find had total oil and gas reserves of 1 billion tonnes (7.3 billion barrels) of oil equivalent. However, sources have told Upstream that only 50% of the field's resources are recoverable.

"The discovery is significant in keeping up steady growth of oil production and sustainable development, and in enhancing security of oil supply for the country," CNPC said in a statement.

Hong Kong-based spokesman Mao Zefeng said today that PetroChina, which will operate the oilfield, will issue its own announcement soon.

Officials have said the Nanpu Block was an extension into shallow waters from PetroChina's existing onshore field, which has posted rapid production growth.

Production has more than doubled in the past few years to the current rate of around 34,000 barrels per day, and is expected to increase by another 20% or more this year, thanks to more exploration and new drilling technology, such as more horizontal wells, officials have said.


Thursday, 03 May, 2007, 11:11 GMT  | last updated: Thursday, 03 May, 2007, 12:56 GMT

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