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PetroChina Makes Major Crude Oil Find

 
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PetroChina Makes Major Crude Oil Find Can't Post
PetroChina said the find off China's north eastern coast had proven reserves of almost three billion barrels. How much of that oil is actually liftable remains to be known.

Western analysts said that while the field, called Jidong Nanpu, would probably produce less than a quarter of that amount, it was still a major find.
China, the world's second-biggest oil consumer, has been seeing supplies slow at its existing domestic wells. The quick timeline to have this well running is of great interest to North American markets , both suppliers and consumers.
PetroChina is 90% owned by the state-run China National Petroleum Corporation.

econmod
Broker / Moderator

May 7, 2007, 8:17 PM

Post #1 of 8 (750 views)

Re: [econmod] PetroChina Makes Major Crude Oil Find [In reply to] Can't Post
Good for China! Hopefully this will lower our own prices. Angelic
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Jdvn1
Banker

May 8, 2007, 5:21 PM

Post #2 of 8 (747 views)

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In Reply To
Good for China! Hopefully this will lower our own prices. Angelic



Don't bet on it. Even if the entire 3 billion barrels is ultimately recoverable, that's only a little over a month of the world's oil consumption.

A drop in the ocean, if that. Angelic

joewp
Teller

May 9, 2007, 12:07 AM

Post #3 of 8 (743 views)

Re: [joewp] PetroChina Makes Major Crude Oil Find [In reply to] Can't Post
All resources will not be lifted. 40% MAX. I think this just shows China is actively pursuing their own reserves which is good. Fact is, America is the number one consumer but China and INdia have all the population. Something is gonna give. Fact: oil is getting more and more expensive. I say nuclear is the way to go Sly

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Barry
Mr. Do It All


May 9, 2007, 10:18 PM

Post #4 of 8 (730 views)

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I must point out that nuclear, along with all the other so-called "alternatives", is heavily dependent on cheap oil. We've gotten all the easy uranium out of the ground, and without cheap oil, it will be harder and harder to extract uranium from increasingly poorer quality ore.

Muscle power is the new energy source!

joewp
Teller

May 9, 2007, 11:23 PM

Post #5 of 8 (729 views)

Re: [joewp] PetroChina Makes Major Crude Oil Find [In reply to] Can't Post
This is true, something's gotta move those turbines!

econmod
Broker / Moderator

May 10, 2007, 1:07 PM

Post #6 of 8 (711 views)

Re: [econmod] PetroChina Makes Major Crude Oil Find [In reply to] Can't Post
So, why is this a major crude oil find?
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Jdvn1
Banker

May 29, 2007, 3:13 AM

Post #7 of 8 (585 views)

Re: [Jdvn1] PetroChina Makes Major Crude Oil Find [In reply to] Can't Post
Major as in size wise. OVerall impact on world consumption not much. However, China now has some resources to upgrade their own economy and derive some energy from so that's a plus.

econmod
Broker / Moderator

May 29, 2007, 4:33 PM

Post #8 of 8 (583 views)

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