02 Mar '14, 1am

#peakoil China discovers huge oil, gas deposits: China discovered nearly 1.1 billion tonnes of oil deposits an...

202 million tonnes of oil is about equivalent to about 1400 million barrels of oil. They now use about 11 million barrels per day so that would be 127 days of use if their use was static. Demand is on the increase so the timeline is shortened. Of course these discoveries would be spread out over 20 to 30 years of extraction giving an average output of 56 million barrels per year or 0.15 million barrels per day. not much compared to 11 million bpd demand.

Full article: http://peakoil.com/geology/china-discovers-huge-oil-gas-d...

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