OREANDA-NEWS. March 04, 2011. The proven reserve of China's second largest oil field, Shengli Oilfield in the eastern Shandong Province, has risen by 515 million tonnes in the past five years, the company sa id in a statement.

The company, affiliated to the China Petroleum & Chemical Corp. (NYSE:SNP) (S inopec), attributed the finding of 200 million tonnes of oil to the us e of new technologies.

According to a company development plan, the field, which was firs t exploited in 1964, should have an accumulated proven oil reserve of 6 billion tonnes by 2024.