"Major" Oil Field Discovered In North China - Maybe 300 Million Barrels EUR - Xinhua

[hatrack]

HOHHOT, Feb. 28 (Xinhua) -- An oil field with reserves of about 100 million tonnes has been found in Siziwang Banner in north China's Inner Mongolia Autonomous Region, where the Shenzhou-7 space module landed last year.

Experts said the oil field has workable reserves of 35 million to 40 million tonnes.

The Siziwang Banner government will invest 20 million yuan (2.9million U.S. dollars) in the first half of this year to set up five exploratory shafts for further exploration.

EDIT

http://news.xinhuanet.com/english/2009-02/28/content_10918669.htm

[louis-t]

1. That's like, almost a million bbl a day for

a year? Might be a "major" field for China,but does "workable reserves" mean that's all they can pump out?

[hatrack]

3. I'm assuming "workable reserves" = EUR, but not 100% sure . . .

"Workable" = "recoverable"?

:shrug:

[louis-t]

4. What's EUR?

[hatrack]

6. Oh, sorry - "Estimated Ultimate Recoverable"

Best guesstimate as to what they'll eventually be able to get out of a field. Usually substantially lower than OOIP - which is Oil Originally In Place.

[muntrv]

2. How long before the reich wingers scream "We gotta invade China!"?

[kimmerspixelated]

5. Obama will nip that pipe dream in the bud!