Chinese oil prospectors have discovered a high-yield oil reserve in
the basin near the well-known Daqing Oilfield, in northeast China's
Heilongjiang
Province.
A
corporate executive with the Daqing Oilfield Co. Ltd said the newly
found reserve, with an estimated 25 million tons, is located in the
Hailar Basin outside the Daqing Oilfield.
"The oil-bearing stratum extends four sq. km and the density ofoil
on each sq. km of the land exceeds 6 million tons," said the
executive.
According to the company official, prospectors also found another
oilfield in the same basin last year with exploitable oil reserves
standing at 13.36 million tons.
While pledging to redouble oil prospecting efforts in the future,
the official expressed the hope that an oil reserve of 100million
tons would be verified in the Hailar Basin and a new oilfield with
an annual production capacity of one million tons of oil would be
in place.
The necessity to find new reserves is obvious as reserves at Daqing
Oilfield, the country's largest, are declining.
Currently, the proven exploitable oil reserves at Daqing are set at
570 million tons. The oilfield has so far produced 1.7 billion tons
of crude oil.
(Xinhua News Agency December 18, 2002)