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Major oil field found in Inner Mongolia

(Xinhua)
Updated: 2009-03-01 08:55

An oil field with reserves of about 100 million tonnes has been found in Siziwang Banner in northern China's Inner Mongolia autonomous region, where the Shenzhou-7 space module landed last year.

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Experts said the oil field has workable reserves of 35 million to 40 million tonnes.

The Siziwang Banner government will invest 20 million yuan ($2.9 million) in the first half of this year to set up five exploratory shafts for further exploration.

The government is expected to invest 200 million yuan to set up 100 oil-wells by the end of 2010. The oil field is expected to produce 500 tonnes of oil daily and 150,000 tonnes a year then.