02 November 2012 08:40 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Ministry of Land and Resources said on Friday that the country’s oil production is expected to exceed 250m tonnes/year by 2030.
Its natural gas production would reach 450bn cubic metres (cbm)/year by 2030, with production of conventional natural gas expected to hit about 300bn cbm/year.
Total oil and gas production is predicted to surpass 600m tonnes of oil equivalent (toe) by that year, the MLR said.
Based on latest evaluation, the country’s geological reserves of oil stood at 93.9bn tonnes in 2011, 22.7% higher than the 76.5bn tonnes in 2007, according to MLR.
Its geological reserves of natural gas reached 54,600bn cubic metres as of last year, 55.8% more than those identified in 2007.
China’s proven reserves of oil and natural gas increased by 11.2bn tonnes and 5,800bn cbm, respectively, from 2002 to 2011, while its annual crude oil production expanded to 203m tonnes in 2011 from 160m tonnes in 2002, the ministry said.
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