PETROCHINA Co, the nation's biggest oil producer, said reserves at the newly discovered Jidong Nanpu field in Bohai Bay may be larger than the company's initial announcements indicate.

PetroChina plans to produce 10 million metric tons of oil (200,000 barrels a day) from the field by 2012, President Jiang Jiemin said at the annual general meeting in Beijing yesterday. PetroChina said on May 3 the field off northeastern China may hold about 7.5 billion barrels of oil equivalent. The company has spent 5.7 billion yuan (US$740 million) on Jidong Nanpu so far, Jiang said. The field's discovery cost equates to 59 US cents a barrel.

Source:佚名