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|Friday, June 02, 2000, updated at 19:57(GMT+8)|
Large Oil Reserves Newly Found in XinjiangAn oil field with a reserve of hundred million tons of oil has been discovered in Santanghu, Xinjing Uygur Autonomous Region after four years' geological prospecting and a total of 98 million tons of geologic reserves has been placed under control by the second quarter of the year.
Sited in Balikun County and Yiwu County of eastern Xinjiang, Santanghu Basin over an area of 23 thousand square kilometers is one of 19 medium- and small-sized basins worth prospecting in Xinjiang.
Experts predicted that the basin may have a reserve up to as many as 1 billion tons of oil.
Deputy general manager of Hatu Oil Field Group Yuan Mingsheng said lately in an interview with Xinhua News Agency that conditions for the shaping and assembling of this newly found oil field are sound and there still exist a large number of places appropriate for exploitation.
Further exploitation will bring to light more oil reserves and another important oil exploitation base will be built in the basin.
At present, test exploitation has been fully carried out in Santanghua and an estimated quantity of 30 thousand tons of crude oil will be produced by yearend.
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