China has 2 billion tons of oil in reserves

The Ministry of Land and Resources recently gathered primary statistics on oil and gas reserves from PetroChina Company Limited, China Petroleum and Chemical Corporation, China National Offshore Oil Corporation Limited and some local companies. The data revealed that, as of the end of 2006, China had 2.043 billion tons of petroleum in remaining commercial recoverable reserves, and 2,449 billion cubic meters of natural gas in remaining commercial recoverable reserves.

The R/P ratio reflects the length of time that remaining oil reserves can be tapped under current production conditions. Since 1990 the ratio has been between 14 and 15, but stood at 11 in 2006. Oil prospecting across the country should be increased to boost resource guarantees.

People’s Daily