SINOCHEM MAY PROFIT AS US FINDS MASSIVE OIL DEPOSIT

Sinochem, a Chinese state-owned group, may profit from a newly discovered oil camp,uncovered by the U.S. Geological Survey (USGS). USGS claims that it is the largest deposit of untapped oil ever found.

An estimated 20 billion barrels of oil and 1.6 billion barrels of LNG are available in the Wolf camp shale, which is located in the Midland Basin portion of Texas’s Permian Basin,according to the report. Based on current crude oil prices, those deposits are together worth about $900 billion.

In 2013, Sinochem spent $1.7 billion to buy 40 percent equity of the oil-gas project from a natural resources company in the U.S., according to earlier reports.

(This article is published on People’s Daily Online)

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