(Bloomberg) -- PetroChina Co. said it will spend 40 billion yuan ($5.2 billion) by 2012 to develop the nation's biggest oil discovery in half a century, helping to revive stagnant output and fuel the fastest-growing major economy.
``The 1 billion tons of reserves aren't the final figure,'' PetroChina President Jiang Jiemin said in Beijing today, referring to initial announcements of the field's size. ``As exploration proceeds, the reserves will be even bigger.'' Total reserves, equal to about 7.5 billion barrels, ``will be proven eventually,'' he said.
Read more at Bloomberg Energy News
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