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BEIJING -- Oil giant Sinopec has announced its discovery of a huge gas field in southwest China's Sichuan province, China Securities Journal reported on Friday.

Since the gas field is still under exploration, the company will not reveal its estimated gas reserves, the newspaper said.

However, according to local media reports, the natural gas reserve of the field is very likely to exceed that of Puguang, a gas field also in Sichuan province with proven reserves expected to reach 500 billion cubic meters by 2008.

The company will build a pipeline to supply natural gas from Sichuan to Shanghai, the country's financial hub in east China.

Prior to the new gas field, China only had five natural gas fields with deposits exceeding 200 billion cubic meters, official statistics show.

The new gas field will make a massive contribution to meeting the country's demand for natural gas, experts say.