According to the latest data released by the Ministry of Land and Resources on the 23rd, according to statistics on mineral resource reserves, China's oil and gas proved reserves have increased significantly in 2011. Among them, the newly discovered proved geological reserves of oil exploration were 1.370 billion tons, a year-on-year increase of 20.6%; and the newly discovered geological reserves of natural gas exploration were 765.954 billion cubic meters, an increase of 29.6% over the same period of last year.
The Ministry of Land and Resources announced that in 2011, newly added proved proven reserves of oil were 266 million tons, a year-on-year increase of 21.4%. In the past year, there were 5 new basins with more than 100 million tons of proven geological reserves, including 443 million tons in the Ordos Basin, 198 million tons in the Tarim Basin, 197 million tons in the Bohai Bay Basin, and 195 million in the Junggar Basin. Ton, Bohai Sea added 137 million tons. Total newly added proven geological reserves of 1.171 billion tons, accounting for 85.5% of the country's newly added proven geological reserves.
Wang Shaobo, deputy director of the Department of Mineral Resources Reserve of the Ministry of Land and Resources, told the China Securities Journal that during the “Eleventh Five-Year Plan†period, the newly discovered geological reserves of China’s oil exploration were 5.74 billion tons, and the year-on-year growth rate remained at an average of over 10%. In 2011, the newly discovered proved geological reserves reached 1.37 billion tons. "It is expected that during the 12th Five-Year Plan period, the amount of newly discovered geological reserves of China's oil will be larger than the period of the 11th Five-Year Plan," he said.
By the end of 2011, the country’s accumulated proven geological reserves totaled 415.569 billion cubic meters, a year-on-year increase of 52.0%. Accumulated proved technical recoverable reserves of 204.106 billion cubic meters, an increase of 53.3%. The remaining technology recoverable reserves were 2,204,700 million cubic meters, a year-on-year increase of 53.6%.
The Ministry of Land and Resources announced that in 2011, newly added proved proven reserves of oil were 266 million tons, a year-on-year increase of 21.4%. In the past year, there were 5 new basins with more than 100 million tons of proven geological reserves, including 443 million tons in the Ordos Basin, 198 million tons in the Tarim Basin, 197 million tons in the Bohai Bay Basin, and 195 million in the Junggar Basin. Ton, Bohai Sea added 137 million tons. Total newly added proven geological reserves of 1.171 billion tons, accounting for 85.5% of the country's newly added proven geological reserves.
Wang Shaobo, deputy director of the Department of Mineral Resources Reserve of the Ministry of Land and Resources, told the China Securities Journal that during the “Eleventh Five-Year Plan†period, the newly discovered geological reserves of China’s oil exploration were 5.74 billion tons, and the year-on-year growth rate remained at an average of over 10%. In 2011, the newly discovered proved geological reserves reached 1.37 billion tons. "It is expected that during the 12th Five-Year Plan period, the amount of newly discovered geological reserves of China's oil will be larger than the period of the 11th Five-Year Plan," he said.
By the end of 2011, the country’s accumulated proven geological reserves totaled 415.569 billion cubic meters, a year-on-year increase of 52.0%. Accumulated proved technical recoverable reserves of 204.106 billion cubic meters, an increase of 53.3%. The remaining technology recoverable reserves were 2,204,700 million cubic meters, a year-on-year increase of 53.6%.
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