Chinese state media on Thursday announced the discovery of a massive oilfield, 1.7 billion barrels of hydrocarbon potential in Tarim Basin, located in the Xinjiang Uyghur Autonomous Region.
In other China oil news, China National Offshore Oil Corp (CNOOC) will trim annual investment by 10% to 15% in 2020, while maintaining its goal of increasing domestic crude oil and natural gas production for the year, the company said in a statement on Wednesday.