New Standard Adopted to Calculate Oil, Gas Reserves

China will adopt new standards for the calculation and registration of its verified oil and natural gas reserves in order to get more accurate data.

China will adopt new standards for the calculation and registration of its verified oil and natural gas reserves in order to get more accurate data.

China Radio International, English Service
Vice Minister of Land and Resources Wang Min says that future calculation will be based on the Classification of Resources and Reserves of Oil and Natural Gas, a new national standard that was implemented beginning Oct.1.

He says that the calculation will focus on the geological reserves and workable reserves of the country’s oil and natural gas to facilitate their rational utilization and protection.

The minister adds that a leading group has been established to direct the work, including members from the Ministry and three state-owned oil companies. The work will be completed by the middle of 2006.