Economy

Markets

Industries

Insights

Reports

Events

New oil field discovered in Inner Mongolia

(Xinhua)
Updated: 2009-08-08 10:19

An oil field with about 140 million tons of high-quality reserve has been discovered in northern China's Inner Mongolia autonomous region.

Related readings:  CNOOC drills new oil, gas discovery in Bohai Bay  Oil imports poised for recovery in second half  Oil firms to see robust earnings  China's Sinopec reports 1.82% rise in refining in H1

The oil field, in Chaogewenduer township of Urad Rear Banner, was discovered by the Geophysical Exploration Company of Zhongyuan Petroleum Exploration Bureau, a unit of China's State-run oil refiner Sinopec.

Shang Ruibin, an official of the exploration company, said the exploration was expected to finish at the end of this month and exploitation would start in about a year.

About 130 million yuan ($19.11 million) has been invested in the exploration, and up to 800 workers were involved.