Shengli Oilfield, China's second largest oil producer, has announced newly prospected oil with geological reserves totaling 106.68 million tons.
Newly proven gas reserves amount to 1.52 billion cubic meters, said an oilfield spokesman Wednesday.
According to the spokesman, seven stretches of land are verified to have oil reserves between five million to 10 million tons each, and oil reserves on 71 percent of the oil-bearing structure are highly concentrated.
With a history of over 40 years, Shengli Oilfield, based in Shandong Province, east China, has extended its area of oil prospecting from 60,000 to 170,000 square kilometers and controls 17 billion tons of oil and gas resources.
The oilfield has produced more than 26 million tons of crude annually for four years running.
