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New field with 7.35 bln bbl of oil found in Yellow Sea, China

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BEIJING, May 3 (RIA Novosti) - China's largest oil and gas producer CNPC has announced the discovery of a new oil field with up to 1 billion metric tons (7.35 billion bbl) on the coast and offshore areas around the Yellow Sea.

China has become one of the largest oil importers since the 1990s. Last year, the country produced 183.86 million metric tons (1.35 billion bbl) of oil, up 1.7% year-on-year, and imported 162.87 million metric tons (1.2 billion bbl), up 19.6% against 2005.

The new oil field, which occupies 1,570 square kilometers, including 570 square kilometers of coastline and 1,000 square kilometers of offshore territory, could become a major crude oil source for China, which has been seeking to lower its dependency on energy imports.

In early April China's Xinhua news agency reported that more than 80 percent of China's proven offshore oil reserves were located in the Bohai Bay basin, with the southern Yellow Sea being the only offshore area where no major oil and gas reserves had been discovered.

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