Discovery of massive oil deposit could be a game-changer for China

China Oil and Gass © Reuters

China’s largest oil and gas producer CNPC has announced the discovery of an oilfield that could hold over a billion tons of reserves in the northwest of the country.

According to CNPC, the proven reserves at Qingcheng oilfield in the Ordos basin stand at 358 million tons, while its estimated reserves could reach 693 million tons.

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