China discovers 1.52bn tonnes of oil in 2012, 13% more than 2011

27 March 2013 07:25  [Source: ICIS news]

SINGAPORE (ICIS)--China discovered 1.52bn tonnes of proven oil reserves in 2012, 13% more than the previous year, the Ministry of Land and Resources said on Wednesday.

The country also discovered a historical high of  961bn cubic metres (cbm) of proven geological reserves of natural gas in 2012, a rise of 33% from 2011, according to the Ministry.

 Technically recoverable reserves of oil and natural gas found in 2012 were 270m tonnes and 501bn cbm respectively, representing an increase of 7% and 36% year on year respectively, it said.

China’s oil production increased by 1% to 205m tonnes in 2012, while gas production in the year rose by 5.4% to 107bn cbm, according to the ministry.

By: Fanny Zhang
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