China's 2nd largest oil field 11.79% larger than previously thought

BEIJING -- China Petrochemical Corporation (Sinopec) said on Wednesday that the nation's second largest oil field's proven oil reserve was 11.79 percent higher than previously thought to the exploration efforts made by the oilfield.

Further exploration in the field revealed that reserves in Shengli oil field were 102.03 million tonnes, 12.03 million tones more than previously thought, said Sinopec, the country's largest oil refiner.

Crude oil output at the oil field stood at 27.708 million tonnes, 120,800 tonnes above the plan, according to Sinopec.

Shengli, located in eastern Shandong Province, is the country's second largest oil field after the northeastern Daqing oil field.

Statistics from Sinopec revealed that the oil field's output in2007 accounted for two-thirds of the total crude oil production of Sinopec, the country's largest oil refiner.

During the past 40 years, the oil field's aggregate output of crude oil reached 907.7 million tonnes by the end of 2007.