Sinopec Oil Find Could Lift China Reserves by Third

From Reuters: “Beijing-controlled giant Sinopec has discovered at least one billion tonnes of and a gas field in China’s northwest province of Xinjiang, which could add at least a third to the country’s proven reserves.

Sinopec Corp. , the Hong Kong-listed unit of Sinopec Group, said it had found 1.08 billion tonnes of oil and 59 billion cubic meters of natural gas in the Tahe oil field in Xinjiang’s Tarim Basin after 20 years of exploration.”

Here is a more sceptical view of the Sinopec announcement On the Standard.

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