New oil find could be biggest in a decade

China may have found a huge offshore oilfield off China's east coast in Bohai Bay that could become the country's biggest new oil source in a decade. If confirmed, the scale of the discovery found by PetroChina is estimated at 2.2 billion barrels, the South China Morning Post reported. Despite its size, it is unclear how the field would affect China's need for imports. Production could reach 200,000 barrels per day within three years, which is just a fraction of China's current imports of 2.9 million bpd. China is the second-largest oil consumer in the world behind the US; its oil imports rose 14.5% last year.