CNPC Makes Discovery in Hainan

The China Southern Petroleum Exploration and Development Corp, a subsidiary of China National Oil Development Co, found proven reserves of 3.11 billion cubic meters of natural gas and 1.88 million tons of condensate oil in the Fushan depression. Fushan is located approximately 24 miles west of Haikou and covers an area of 1,127 square miles. Recoverable reserves in the depression were 1.55 billion cubic meters of gas and 485,000 tons of oil.

Over $60 million will be invested in additional exploration and development of Fushan over the next five years.