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China discovers 100-million-ton crude oil reserve in South China Sea (www.aa.com.tr)

submitted 1 day ago by melp to c/news

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China announced Monday the discovery of a crude oil reserve estimated at 100 million tons in the northeastern part of the South China Sea, according to a statement from the China National Offshore Oil Corporation (CNOOC).

The reserve was located at the "Huicou 19-6" oil field, situated approximately 170 kilometers off the coast of Guangdong province in southern China. The field lies in waters averaging 100 meters in depth.

CNOOC said test drilling at the site yielded 413 barrels of oil and 68,000 cubic meters of natural gas per day.

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[–] Powderhorn 6 points 1 day ago* (last edited 1 day ago) (1 children)

Oil by the ton is not how anyone measures it (barrels) in market speak, and cubic metres is not how anyone measures natural gas (therms/mmBTU). This feels like deliberate obfuscation to make this sound more impressive than it is or at least to be so confusing that no one understands what it means.

We also don't know the grade of crude, which makes a huge difference.

[–] thejml@lemm.ee 5 points 1 day ago

All the bills around here for natural gas are measured in CCF. “Hundred Cubic Feet” (centum cubic feet, but Latin is hard or something). I’d gladly take cubic meters instead. But then I quite like Metric.