Big news in the world of energy and the global economy. China has struck oil in a big way.
PetroChina Ltd. announced it has found an offshore field that could become China’s biggest new domestic-petroleum source in a decade, with reserves of 2.2 billion barrels, the official Xinhua News Agency said Wednesday.
Such a field would be a “world-scale discovery,” said Gavin Thompson, an oil consultant in Beijing for the Scottish firm Wood Mackenzie. “In terms of energy security, a 2-billion-barrel discovery is going to be very welcome, not only to PetroChina but to China’s energy planners.”
Wow. More than 2 billion barrels. Sure wish the United States could buttress its own national energy security with a world-scale discovery of its own.
Surveys conducted by the USGS suggest that between 5.7 and 16.0 billion barrels of technically recoverable oil are in the coastal plain area of ANWR, with a mean estimate of 10.4 billion barrels, divided into many fields.
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