China’s oil discovery stands at 1.08b tons

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February 28, 2014

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China’s oil discovery stands at 1.08b tons

By Richard Fu | February 28, 2014, Friday |

Print Edition

China discovered 1.08 billion tons of proven crude oil reserves in 2013, exceeding the 1 billion ton mark for seven consecutive years, the Ministry of Land and Resources said yesterday.

The country can take comfort from the new discoveries of high reserves as it relies on imports for more than half of its petroleum needs.

“In the face of a complicated global petroleum setup, only with a stable growth in oil and gas reserves can China effectively enhance its ability to guarantee energy supplies,” Xu Dachun, a deputy chief of the ministry’s reserves division, said in Beijing.

Of the 2013 crude discovery, 202 million tons were technically recoverable crude, the ministry said.

Natural gas deposits also rose sharply, with new proven reserves totaling 616.4 billion cubic meters in 2013. The major contributor was PetroChina Co’s Anyue field in Sichuan Province, where over 400 billion cubic meters of new reserves were newly discovered.

Of the new gas reserves, 381.9 billion cubic meters were technically recoverable.

China’s crude oil output rose 1.4 percent to 210 million tons last year while natural gas production jumped 9.1 percent to 117.6 billion cubic meters, the ministry said.

China is set to retake the lead from the United States in oil demand growth this year, the International Energy Agency said last month.

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China’s oil discovery stands at 1.08b tons

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