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China's new proven oil and gas reserves up 20% in 2011

Feb. 24, 2012 (China Knowledge) - China saw its new proven oil and gas reserves increase by more than 20% in 2011, according to the Ministry of Land and Resources.

Last year, the country discovered 1.37 billion tons of proven oil reserves, up 20.6% from a year earlier. Of the new findings, technically recoverable oil reserves grew 21.4% year on year to 266 million tons, said Xu Dachun, deputy head of the ministry's mineral resources reserve department.

The technically recoverable oil reserves were about 30% more than China's crude oil output of 203.65 million tons in 2011, Xu added.

China's new proven natural gas reserves for last year increased 29.6% to 765.95 billion cubic meters, including 395.67 billion cu m of technically recoverable gas reserves, up 37.6% from a year earlier.

In 2011, the country also founded reserves of 57.51 billion tons of coal, 2.38 billion tons of iron ore, 3.82 million tons of copper, 4.45 million tons of lead, 8.83 million tons of zinc and 743.6 tons of gold.






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