P. M. BRIEFING : China Finds ‘Major’ Oil Field
China announced today the discovery of a new oil field in a remote western desert region, calling it a “major breakthrough.”
The People’s Daily said the first well to produce oil in the center of the Tarim basin in Xinjiang yielded 576 cubic meters of light high-grade oil and 360,000 cubic meters of gas Tuesday, its first day of production.
One European oil company official said that oil is already being produced from the north of the Tarim but that this would be the first find in the center of the 210,000-square-mile basin. He said it will take much more work to know how large the total reserves are.
Temperatures in the arid region can exceed 150 in the summer.
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