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China expects oil reserve of 108b tons

(Xinhua)
Updated: 2008-08-19 10:26

China's crude oil reserve was estimated to stand at 108.6 billion tons, the Ministry of Land and Resources (MLR) said on Monday.

About 21.2 billion tons of crude could be developed under the current technology, said the MLR.

Meanwhile, the maximum natural gas reserve was estimated to stand at 5.6 trillion cubic meters, and 2.2 trillion cubic meters could be exploited under the current technology.

The discovery was based on the country's nationwide development and research. The MLR, the National Development and Reform Commission and the Ministry of Finance jointly launched the research in 2003.

China is one of the world's biggest producer and consumer of oil. Last year, it produced 186.66 million tons of oil and consumed more than 300 million tons.

The nation also produced 69.3 billion cubic meters of natural gas in 2007. The figure was expected to rise to 76 billion cubic meters this year.