Large oil deposit discovered in NW China
A massive oil deposit of 500 million tons has been discovered in an area near Lanzhou, capital of northwest China's Gansu Province, an expert said Thursday.
The belt along Lanzhou, Yongdeng and Minhe has up to 340 million tons of oil deposit, the Yuzhong-Jingning-Jingyuan belt 160 million tons, said Liu Huaqing, an engineer with the Northwest Branch of the Petro China Exploration & Development Research Institute.
(Can't post the link, as it doesn't seem to be working.)
But golly, if true, that comes out to about 3.5 billion barrels... and if they can get all that oil out of the ground, and ramp up production pretty quickly, then this massive discovery could delay worldwide Peak by about...
6 weeks...