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People's Daily Online>>Opinion

Steady growth ahead for China's oil reserves

By Yu Meng (People's Daily)

13:12, November 28, 2011

Edited and translated by People's Daily Online

According to a new government report, China possesses 88.1 billion tons of oil reserves, and its recoverable oil reserves stand at 23.3 billion tons, an increase of 11.6 billion tons and 2.1 billion tons, respectively, compared to figures in a report covering the years from 2003 to 2007.

About 34 percent of the country's oil deposits have been prospected, and the steady growth in its oil reserves and output ensures abundant supplies of oil, according to the report, titled "Dynamic Evaluation of Oil and Gas Resources in China 2010," which was recently released by the country's Ministry of Land and Resources. The report said that China would be able to produce at least 200 million tons of oil a year until 2030.

Total oil reserves and recoverable reserves are up 15 percent and nearly 10 percent, respectively, but quality has declined, according to the report.

The report stated China's total oil reserves and recoverable oil reserves have increased 15 percent and nearly 10 percent, respectively, from the 2003-2007 period. However, the quality of oil resources has deteriorated, with an increasing proportion being heavy oil, or low-permeability, deep-water or deep-buried reserves.

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Deer at 2011-11-28116.23.137.*
wrong pronounciation on 11.6,not November

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