BEIJING, Dec 31 - State-owned Sinopec Group said it has added 104.08 million tonnes, or 760 million barrels of proven geological oil reserves to its largest Shengli oilfield.
That is the 26th consecutive year that annual new discoveries in the field surpassed 100 million tonnes.
The parent of Sinopec Corp (600028.SS) (0386.HK) said in a report on a company-run web site (www.sinopecnews.com) that the Ministry of Land and Resources has endorsed the figure.
Of the total, 21.84 million tonnes fell in the category of "technologically recoverable reserves," it said.
It also added 450 million cubic metres of proven natural gas deposits, in which 216 million cubic metres are recoverable.
Chinese government and industry estimates of oil and gas reserves often differ from those in the west, which are governed by stricter definitions that make clear how much of a field's oil is expected to be produced over its lifetime.
Sinopec, Asia's top refiner and China's second-largest oil producer, has spared no efforts in recent years to tap new potential and maintain production in the aging field in eastern Shangdong, as its new fields in west China fail to deliver the output growth it needs to keep up with booming oil demand.
It has set a target to produce 27.85 million tonnes, or 557,000 barrels per day, of oil in Shengli this year, up 0.5 percent from 2007.
In 2007, Shengli's production grew 1 percent.
Rival PetroChina (601857.SS)(0857.HK) has also found more than 200 million tonnes, or 1.46 billion barrels of proven oil reserves this year in its Daqing oilfield, China's largest, local media reported last week. [nPEK304199]
China, the world's second-largest oil user, relies on overseas markets for half its oil supplies due to limited production potential at home.
That is the 26th consecutive year that annual new discoveries in the field surpassed 100 million tonnes.
The parent of Sinopec Corp (600028.SS) (0386.HK) said in a report on a company-run web site (www.sinopecnews.com) that the Ministry of Land and Resources has endorsed the figure.
Of the total, 21.84 million tonnes fell in the category of "technologically recoverable reserves," it said.
It also added 450 million cubic metres of proven natural gas deposits, in which 216 million cubic metres are recoverable.
Chinese government and industry estimates of oil and gas reserves often differ from those in the west, which are governed by stricter definitions that make clear how much of a field's oil is expected to be produced over its lifetime.
Sinopec, Asia's top refiner and China's second-largest oil producer, has spared no efforts in recent years to tap new potential and maintain production in the aging field in eastern Shangdong, as its new fields in west China fail to deliver the output growth it needs to keep up with booming oil demand.
It has set a target to produce 27.85 million tonnes, or 557,000 barrels per day, of oil in Shengli this year, up 0.5 percent from 2007.
In 2007, Shengli's production grew 1 percent.
Rival PetroChina (601857.SS)(0857.HK) has also found more than 200 million tonnes, or 1.46 billion barrels of proven oil reserves this year in its Daqing oilfield, China's largest, local media reported last week. [nPEK304199]
China, the world's second-largest oil user, relies on overseas markets for half its oil supplies due to limited production potential at home.
