China Announces Oil Field Discovery
BEIJING — China has discovered a major oil field with estimated reserves of about 183 million barrels in coastal Shandong Province, the official China News Service said Wednesday.
The Gold Family Oil Field was found in Huantai County near Zibo City in Shandong and covers an area of 8.5 square miles, the news service said.
The field, which is 240 miles southeast of Beijing, could produce a daily yield of up to 7,300 barrels for 80 years, the news service said.
It said the oil is 2,400 to 3,900 feet below the surface and is easily recoverable.
The find is important because the location is near important oil and chemical industries in Zibo City.
The state plans to begin drilling about 197 wells this winter and early next spring, the news service said.
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