In late December, a geologist with Sinopec told Chinese media that Bohai Bay holds up to 20.5 billion tonnes (150 billion barrels) of combined oil reserves.
A reservoir of such magnitude would be encouraging news to China, which now relies on imports to supply 40% of oil needs, and boost the shares of the companies that own these reserves. However, the oil community as well as the equity markets snubbed the claim as these reserves are based on geological methods and a majority may never be recovered.
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