China finds large oil deposits in Bohai Bay - AFP

[Eugene]

Source: Agence France-Presse

China finds large oil deposits in Bohai Bay

Thu May 3, 11:39 PM ET

BEIJING (AFP) - China National Petroleum Corporation (CNPC)
announced it has found an oil field with proven reserves of 405.1
million tonnes of oil equivalent in north China's Bohai Bay, state
media said Friday.

The discovery has been praised by Premier Wen Jiabao, with CNPC
adding that the field could contain up to one billion tonnes of oil
equivalent, the Beijing News said.

-snip-

CNPC said in a statement Thursday that Jidong Nanbao oil field,
located in the Bohai Sea near Caofeidian port in Hebei Province,
has proven reserves of 405.1 million tonnes of oil equivalent.

-snip-

However, oil analysts have said reserve figures released by
mainland state firms are often inflated compared to standards
used by Western companies when calculating how much oil can
be economically produced.

-snip-

Read more: http://news.yahoo.com/s/afp/20070504/ts_afp/chinaenergyoil_070504031409

[whistle]

1. Oh crap, the Chinese beat Exxon and BP in finding those deposits

:sarcasm:

Way to go comrade CNPC! Another communist billionaire has been created demonstrating that capitalism is not the only way to economic prosperity :applause: :woohoo: :hide: :yoiks: :popcorn: :rofl: :spray: :patriot: :toast: :bounce:

[shain from kane]

2. Why is OUR oil located under your clay?

[Javaman]

5. Why does china hate our freedom? oh yeah, sorry. nt

[IDemo]

3. Somebody help me, I'm having a slow math day

With one metric ton of oil = 7.33 barrels, 405.1 * 10^6 times 7.33 = 2.97 billion barrels. At the present daily global consumption level of 84 million barrels, this discovery could mean a total of.......

35 days worth of crude? Or....?

[phantom power]

4. Looks right to me.

A typical example of reporting without context or numeracy.