China Finds an Elephant

China has made its largest oil find in more than three decades, an offshore field with proven reserves of nearly 3 billion barrels, which should provide temporary relief from rising consumption and ease fears of energy insecurity.
The discovery in Bohai Bay off Hebei province in northern China, which PetroChina described Thursday evening as a “bulk, quality and efficient oilfield,” is estimated to add 10% to China’s existing oil reserves.
The news was touted by China’s state-owned China Central Television as the country’s largest find since 1974, and it was believed to be one of the largest in East Asia in the last 30 years. The discovery adds to China’s current oil reserves of 50 billion tons, the world’s 10th largest.