China’s potential oil resources are estimated at 125.7 billion tonnes

Almaty. June 14. Silkroadnews – China’s potential resources of oil and natural gas are estimated at 125.7 billion tonnes and 90.3 trillion cubic meters respectively, Xinhua news agency reports referring to data by the country’s Ministry of Land and Resources.

According to the assessment results, China’s oil and gas reserves available for production make 30.1 billion tonnes and 50.1 trillion cubic meters, with more than 30% of oil and 14% of gas resources explored.

Compared to the previous assessment data the potential and available for extraction oil reserves have increased by 64% and 42% respectively. As for gas, both volumes have increased by 158% and 127% respectively. The country’s significant growth of potential and available for production oil and gas reserves became possible mainly due to the expansion of the exploration scale and technical progress.

The recent estimate showed a dynamic growth of estimated gas reserves in the leading gas producing regions of China. In particular, the potential and available for extraction gas reserves in Sichuan Basin in southwest China are estimated at 20.7 trillion and 11.2 trillion cubic meters, which is 3.8 and 3.3 times higher than values recorded at the previous assessment. In the basin of China’s coastal waters, they are estimated at 20.8 trillion and 12.2 trillion cubic meters, with growth of 55% and 57% respectively.

Recent evaluation covered both conventional and unconventional oil and gas sources and showed China is rich in unconventional oil and gas resources.