This flood of optimism comes on the back of recently completed eight year research plan which looked into the possibility of oil E&P in “difficult and complicated” areas.

Using these theories as a benchmark, Shengli could get a fresh breath of life and allow for the discovery of as much as 646 million tons of oil reserves in Bohai Bay valued at over US$24.2 billion to the Chinese economy.

Insiders predict east China is capable of having total oil and gas reserves of around 10 billion tons and provide US$120.8 billion to the coffers.

China is currently conducting E&P operations in the region.