\n
China’s biggest oil firm, PetroChina, has announced that it has made the country’s largest crude discovery in a decade.<\/span><\/strong> <\/span><\/p>\n PetroChina said the find off China’s north eastern coast had proven reserves of almost three billion barrels. <\/span><\/p>\n Western analysts said that while the field, called Jidong Nanpu, would probably produce less than a quarter of that amount, it was still a major find. <\/span><\/p>\n China<\/span>, the world’s second-biggest oil consumer, has been seeing supplies slow at its existing domestic wells. <\/span><\/p>\n ‘Major asset’<\/span><\/strong> <\/span><\/p>\n Energy consultant Andrew Hayman of IHS said that under Western standards, Jidong Nanpu would probably have nearer to 650 million barrels of commercially recoverable reserves. <\/span><\/p>\n “This field obviously will be a major asset to the Chinese economy given its proximity to domestic markets,” he said. <\/span><\/p>\n “And since it is located in [just] three metres of water the costs of development and exploitation will be relatively cheap.” <\/span><\/p>\n PetroChina is 90% owned by the state-run China National Petroleum Corporation. <\/span><\/p>\n Source:bbc.co.uk<\/p>\n","protected":false},"excerpt":{"rendered":" China’s biggest oil firm, PetroChina, has announced that it has made the country’s largest crude discovery in a decade. PetroChina<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[35],"tags":[],"class_list":["post-99","post","type-post","status-publish","format-standard","hentry","category-oil"],"_links":{"self":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/99","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=99"}],"version-history":[{"count":0,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/99\/revisions"}],"wp:attachment":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=99"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=99"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=99"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}