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China's proven geological reserves of oil, gas increases significantly

By Yu Meng (People's Daily)

16:51, February 28, 2012

Edited and translated by People's Daily Online

In 2011, China's new proven geological reserves of oil and gas increased significantly, with the increasing rates of oil, gas and coal bed gas all exceeding 20 percent.

According to the statistics of the Mineral Resources Reserves Report, China’s new proven geological reserves of oil reached 1.37 billion tons, up 206 percent year-on-year.

In 2011, China's new proven geological reserves of natural gas reached 765.9 billion cubic meters, up 29.6 percent year-on-year.

Last year, China's new proven geological reserves of coal bed gas reached 142.1 billion cubic meters, a year-on-year growth of 27.5 percent

During the 11th Five-Year Plan, China's new proven geological reserves of oil and gas reached 5.74 billion tons, and the annual increase amounted to 1.15 billion tons. The average growth rate during the 11th Five-Year Plan is 10 percent higher than that of the 10th Five-Year Plan; and the new proven geological reserves of oil and gas during the 12th Five-Year Plan will be more than that of the 11th, says Wang Shaobo, Deputy Director of Department of Mineral Resources Reserves, Ministry of Land and Resources.

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