New oil deposits discovered in China

Six new major oil deposits have been discovered around China's largest oil field at Daqing in the northeast of the country, boosting known reserves at the field by 13.3 percent, the New China News Agency said. The six major deposits will be developed into satellite oil fields.

Diplomatic sources, meanwhile, said the French companies Elf and Total are close to signing the first contract between China and foreign concerns for offshore oil exploration.