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Page added on March 2, 2014
China discovers huge oil, gas deposits
China discovered nearly 1.1 billion tonnes of oil deposits and 616.4 billion cubic meters of natural gas reserves in 2013, said the Ministry of Land and Resources.
Of the new discoveries, 202 million tonnes of oil and 381.9 billion cubic meters of natural gas can be exploited with the current technologies, according to the ministry.
The production of oil and natural gas last year stood at 210 million tonnes and 117.6 billion cubic meters, rising 1.4 percent and 9.1 percent year-on-year, respectively.
“Oil and natural gas discoveries maintained a strong momentum in 2013 with steady production increase as China strengthened its exploration efforts and made breakthroughs,” said the ministry.
China is one of the world’s largest energy consumers, and a large part of its demands, especially in oil and natural gas, depends on imports.
11 Comments on "China discovers huge oil, gas deposits"
Beery on Sun, 2nd Mar 2014 2:09 am
Oh joy! We’re saved!
rollin on Sun, 2nd Mar 2014 2:16 am
Are all these discoveries actually under their control or are they in contested regions?
202 million tonnes of oil is about equivalent to about 1400 million barrels of oil. They now use about 11 million barrels per day so that would be 127 days of use if their use was static. Demand is on the increase so the timeline is shortened.
Of course these discoveries would be spread out over 20 to 30 years of extraction giving an average output of 56 million barrels per year or 0.15 million barrels per day. not much compared to 11 million bpd demand.
action on Sun, 2nd Mar 2014 2:39 am
I was going to do the math but ill take your word for it rollin, sounds right and thanks for saving me the trouble.
Nony on Sun, 2nd Mar 2014 2:45 am
Billion here, billion there, pretty soon we are talking real money. 😉
RICHARD RALPH ROEHL on Sun, 2nd Mar 2014 3:17 am
Wow! Great newes! Can’t wait to put all that stuff into the Earth’s biosphere! Yessssss… and the whole world will breath Beijing!
GregT on Sun, 2nd Mar 2014 6:59 am
Yup, Climate change is all about Beijing.
Jerry L on Sun, 2nd Mar 2014 10:02 am
I wonder how many hydroelectric dams, PV systems and wind mills can be built with this oil and gas? Not to mention house insulation and bicycles.
Arthur on Sun, 2nd Mar 2014 11:47 am
Every single Chinese has an extra 20 visits to the gas station.
Davy, Hermann, MO on Sun, 2nd Mar 2014 2:23 pm
True Arthur, the scale of China’s energy needs dewarfs these and other energy advances. At some point China will fully face the limits of growth in a finite world. They already hit the diminishing returns. They are in the predicament of requiring roaring growth to accommodate a rapidly growing population economically. The expectations are high in China’s population. China will find it difficult to satisfy these expectations in the very near future
shortonoil on Sun, 2nd Mar 2014 6:51 pm
1.1 billion tonnes of oil has absolutely no significance without specific specs. What is the API of this oil, what is its sulfur content, what kind, and quantities of contaminants does it have, what is the morphology of the field? One can go to Green River, and point at 100 times this quantity of oil; of course it’s not worth a tinkers dam, but it’s oil. 60% of the world’s petroleum reserve is of no value. Without more detail this is just another PR announcement, hardly worth commenting on.
http://www.thehillsgroup.org/
Kenz300 on Mon, 3rd Mar 2014 3:30 pm
Fossil fuel use will not end in the near future but as costs continue to rise the transition to alternative energy sources will increase.
http://www.smartplanet.com/blog/the-take/the-energy-transition-tipping-point-is-here/?tag=nl.e662&s_cid=e662&ttag=e662&ftag=TRE383a915