Chinese Oil Major Sinopec Announces Oil, Gas Discovery

China’s state-owned oil and gas major Sinopec has struck oil and gas at a field in the northwestern province of Xinjiang, Reuters reports, adding that the reserves at the field are estimated at some 100 million tons. This would be equal to about 733 million barrels based on a 7.33 barrels-to-the-ton conversion ratio. The state company said on Chinese social media that it had achieved daily output of more than 6,000 barrels of crude and close to 600,000 cubic meters of natural gas. The newly discovered field is in a legacy-producing region…