SHANGHAI, Aug. 16 -- CHINA'S newly found oil field in Bohai Bay has 1.18-billion tons of oil and gas, PetroChina Co Ltd has said.

A total of 445-million tons of oil in the field has been discovered and 95 million tons can be accessed via drilling, according to an assessment made by the Ministry of Land and Resources, Xinhua news agency said.

Discovered gas reached 53.61 billion cubic meters and 11.17 billion cubic meters can be reached via drilling, the assessment said.

An official of PetroChina, the country's biggest oil producer, said the discovery accounts for half of the country's newly-found oil reserves in recent years, which will secure the country's oil supply.

The development of the field will promote the economic development of nearby areas, including Beijing, Tianjin, Tangshan and Bohai, the official said.

The field in Tangshan City of Hebei Province is expected to reach an annual output of 10 million tons by 2012, Hu Wenrui, vice president of the company, said in an earlier report.