China’s CNOOC has discovered oil in the Bohai Sea with the deposit estimated to contain more than 100 million tons of oil equivalent. According to the company, the new field could produce more than 20 million tons of crude oil and more than 9 billion cubic meters of natural gas, Xinhua reported. China has in recent years stepped up efforts to boost domestic production of oil and gas as its demand has surged, driven by the country’s fast pace of economic growth. These efforts have been led by state-owned majors such as CNPC and CNOOC.…
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