China oil and gas reserves increase

BEIJING, June 13, 2016 – Better technology and greater exploration efforts have raised China’s estimated hydrocarbons reserves, data released by the Ministry of Land and Resources revealed on Monday.

China’s oil reserves are now estimated at 923 billion barrels, nearly 220 billion barrels of which are recoverable. A result of a nation-wide assessment concluded in 2015, the new reserves figures represent an increase of 64% and 42%, respectively, compared with the previous study, conducted 2007. The Chinese figures contrast with data released by BP in its annual Statistical Review of World Energy, the most recent version of which was released on June 8. BP’s study puts the country’s recoverable volume of oil at 18.5 billion barrels.

Estimated gas resources were up 158% to reach 90 tcm (3,178 tcf). Recoverable gas reserves came out 127% higher at 50 tcm (1,766 tcf). The BP Statistical Review puts the same figure at 3.8 tcm (136 tcm). The ministry also said that the increased prospecting work had resulted in revised estimates for unconventional resources, noting that China now boast recoverable shale gas reserves of 22 tcm (777 tcf).