China Nanpu reserves slashed

摘要

China's Ministry of Land and Resources certified PetroChina's Nanpu oil discovery - touted as a major find in recent days - as having way less recoverable reserves than first estimated.The Nanpu prospect in Bohai Bay's Jidong oil field offshore northeast China was originally tipped by some analysts as the largest find in China in decades, after PetroChina said in May it could hold as much as 7.33 Bn boe, of which 2.97 Bn boe were classified as total proven reserves. The figure was revised up 10% to 3.26 Bn boe by the ministry last week.