More Reserves Added to Major Chinese OilfieldGeologists with the Shengli Oilfield, China's second largest, have discovered a new oilfield with more than 21 million tons of geological reserves.The new oilfield, named Futai, is located in Wudi, a coastal county in east China's Shandong Province. A Shengli source said the discovery is a major breakthrough for Shengli in exploring new resources. Shengli was set up in 1964 at the mouth of the Yellow River and has since produced 640 million tons of crude oil, or more than a quarter of the country's total since 1949. However, in recent years, its annual output has been dwindling because of shrinking oil reserves. Shengli began offshore explorations ten years ago in an effort to use offshore oil reserves to balance the drop in inland production. Explorations indicate that there is an oilfield with geological reserves of 210 million tons under the Bohai Sea. |
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