The Geographical Prospecting Company under the Zhongyuan Petroleum Exploration Bureau recently discovered an oil field containing 140 million tons of crude oil in the town of Chaogewenduer in Urad Back Banner, Inner Mongolia.

According to Shang Ruibin, secretary of the Geographical Prospecting Company Party Committee, since May 29 2009 when full-scale construction started, their prospecting team has been gathering information about the surrounding 388 square kilometer-area. So far, proven oil reserves have reached 140 million tons.

The crude oil is of good quality and the oil field has high exploitation value. The prospecting work is currently drawing to a close, and is expected to be completed by the end of August. It will take almost a year before extraction of the crude oil can formally commence.

By People's Daily Online