Large Offshore Oil Discovered in Bohai Bay 　　A joint venture between the United States' Phillips Oil Company and China National Offshore Oil Corporation has discovered offshore oil reserves estimated at about 200 million tons in Bohai Bay. 　　This is the first structure with more than 100 million tons found by a joint ventures in Bohai Bay and is a major breakthrough in collaboration with a foreign oil company. 　　The new structure, "Penglai 19-3", is 70 kilometers off the north coast of Shandong Province in a 50-sq.km. area where the water is 20 meters deep. Exploration began on May 1 and since then the joint venture has found two oil layers 900 meters and 1,400 meters below the sea bed. 　　Chinese and US geologists say that the oil is of high quality and easy to tap. Daily output could reach 110 cubic meters of crude oil and 5,000 cubic meters of natural gas, scientists say. 　　Drilling on the third well is already under way and they have great expectations, the geologist said. Economicnews 1999-07-14 Page2 Full Story in Chinese