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People's Daily Online>>China Business

China finds new oil reserve in Junggar Basin

By Wang Fei (Beijing Daily)

13:48, December 12, 2011

Edited and translated by Han Shasha, People's Daily Online

Xinjiang Oilfield Company has ascertained 50 million tons of new oil reserve covering about 16.9 square kilometers in the eastern part of the Junggar Basin, which lies mostly within Xinjiang.

It is the seventh oil reserve with more than 50 billion tons of oil found in Jimsar since 1990. The newly discovered oil reserve is about 14 kilometers away from Jimsar County.

The development test will be conducted for the oil reserve next year. And it is expected to be built into an oilfield with an annual oil output of one billion tons.

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