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China finds large amounts of oil and natural gas reserves

05th March 2014

China discovers about 1.1 billion tonnes of oil deposits and 616.4 billion cubic meters of natural gas reserves in 2013, which can be used with current technologies

From the new discoveries, around 202 million tonnes of oil and 381.9 billion cubic meters of natural gas can be used with current technologies

China has discovered about 1.1 billion tonnes of oil deposits and 616.4 billion cubic meters (bcm) of natural gas reserves in 2013, the country’s Ministry of Land and Resources revealed.

The ministry also detailed that out of the new discoveries, around 202 million tonnes of oil and 381.9 billion cubic meters of natural gas can be used with current technologies.

The production of oil and natural gas last year stood at 210 million tonnes and 117.6 billion cubic meters, rising 1.4 per cent and 9.1 per cent year-on-year, respectively.

The ministry further disclosed, "Oil and natural gas discoveries maintained a strong momentum in 2013 with steady production increase as China strengthened its exploration efforts and made breakthroughs."

China is one of the world's biggest energy consumers, and the majority of its needs, especially in oil and natural gas, are contingent on imports.

Last month, PetroChina found 308.2 billion cubic metres of technically recoverable gas in southwest China's Sichuan basin, which the CNPC revealed was one of China's largest gas discoveries in more than a decade.

China is looking to increase the supply of the cleaner-burning fuel by increasing  domestic exploration and raising imports, as demand is expected to nearly quadruple between 2011 and 2030.

The Moxi block of the An'yue field was officially confirmed to have 440.4 bcm of proven geological reserves.

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