Saturday, May 24, 2008

Oil found

CITIC Resources Holdings Ltd, the Chinese metals producer turned oil supplier, said it discovered a deposit in Indonesia that contains 6 million barrels of recoverable crude.

The oil was found during drilling at the Neif Utara-A1 well at Seram Island, Citic Resources said. Original oil in place, a broader measure of the total oil at Neif Utara-A1, exceeds 60 million barrels, it said.

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