Last Updated :
02 March 2009 at 12:20 IST
China strikes oil at Inner Mangolia
Commodity Online
BEIJING : China on Sunday said an oil field with reserves of about 100 million tones has been found in its Inner Mongolia Autonomous Region.
In an official statement issued here, China’s energy ministry said the oil reserves of 35 million to 40 million tones were found at Siziwang Banner of the Northern Province
The Siziwang Banner government will invest 20 million yuan ($2.9million ) in the first half of this year to set up five exploratory shafts for further exploration.
China is expected to invest 200 million yuan to set up100 oil-wells by the end of 2010. The oil field is expected to produce 500 tones of oil daily and 150,000 tones a year then.
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