Manchurian Condensate: Sinopec Discovers Oil in Inner Mongolia

August 11, 2009
Chinese giant Sinopec has discovered oil in Inner Mongolia, according to state media reports.

Official news agency Xinhua said the field holds about 140 million tonnes of reserves (1 billion barrels).

The report did not specify if the reserves were probable, proven or recoverable.

The find, in Chaogewenduer township of Urad Rear Banner, was made by Sinopec's Zhongyuan exploration unit based in central China's Henan province.

Xinhua quoted an exploration official as saying that the exploration work at the field, costing 130 million yuan ($19 million), is expected to finish this month and production should start in about a year.

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