New oil reserves discovered in China

China’s state oil giant Sinopec discovered other reserves containing 1.7 billion tons of crude oil while some fields in the Northwest Xinjiang Uygur Autonomous Region were explored, Global Times reported.

According to the newspaper, the deposits are located in the Fuman field of the Tarim Basin, with an average depth reaching 7,300 meters, but the fuel can be extracted.

Sinopec indicated that the amount found is enough to meet about two years of domestic oil demand, as the country uses an average of 800 million tons of hydrocarbons each year.

China registered a four-percent growth in its oil production during the first half of 2022 and at the same time reduced imports in this sphere.

A recent report by the National Bureau of Statistics stated that during this period, the country produced 102.88 million tons of crude oil and bought 252.52 million tons, for a year-on-year decrease of 3.1 percent.

In recent years, China has discovered and exploited vast oil and gas reserves onshore and offshore, helping to strengthen the national energy security and the economy of surrounding regions.