This article is 20 years old. Images might not display.
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.
