Aug 10, 2009

Southern Mongolia: Oil Found in Inner Mongolia

Sample ImageChinese state oil company has discovered an oilfield with 140 million tones reserve in the Southern Mongolia region.



Below is an article published by Reuters:

CHINA'S second-largest state oil giant Sinopec Corp has discovered an oilfield with some 140 million tonnes reserve in north China's Inner Mongolia region, Xinhua reported on Saturday [August 9, 2009}.

The report did not specify if the reserve, equivalent to about one billion barrels, is probable, proven or recoverable.

The find, in Chaogewenduer township of Urad Rear Banner, was made by Sinopec's Zhongyuan exploration unit based in central China's Henan province.

Xinhua quote an exploration official as saying that the exploration works at the field, costing 130 million yuan (S$28 million), is expected to complete this month [August] and production should start in about a year.