Oil and natural gas finds climb in 2014
Print Edition
CHINA continued to be increasingly successful at discovering crude oil and natural gas reserves last year, new data from the Ministry of Land and Resources indicated yesterday.
Nearly 1.06 billion tons of new crude oil deposits were discovered in 2014, up from 1.1 billion tons the previous year, marking a stable increase and the eighth consecutive year in which the amount discovered surpassed 1 billion tons.
More than 1.1 trillion cubic meters of new natural gas reserves were also discovered in 2014, a record high.
Of the new discoveries, 187 million tons of oil and 474.9 billion cubic meters of natural gas can be exploited with current technology, the ministry said.
New shale gas reserves discovered amounted to 106.75 billion cubic meters, with 26.69 billion cubic meters exploitable.
This is the first time that proven reserves of shale gas have been publicized since the government approved the listing of shale gas as an independent mineral resource in 2011.
Discoveries of coal-bed methane, an unconventional gas, totaled 60.2 billion cubic meters, up 155.3 percent year on year.
China is one of the world’s largest energy consumers, and depends on imports of oil and natural gas to meet demand.
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