ChinaScope Financial reports that, according to the latest data from the Ministry of Land and Resources, China’s proven geological oil reserves for 2012 increased by 1.52 billion metric tons, 13 percent higher than the increase in 2011. In 2012, the proven recoverable reserves of oil rose by 270 million metric tons, an increase of 7 percent on a year earlier.
Over the same time period, China’s proven geological reserves of natural gas grew by 961 billion cubic meters, up 33 percent YoY and hitting a record high. The newly increased proven recoverable reserves of natural gas were 501 billion cubic meters, 36 percent higher than the increment on the same period of 2011.
Statistics indicate that China’s oil output for 2012 increased 1 percent YoY to 205 million metric tons, and natural gas output grew 5.4 percent YoY to 107 billion cubic meters.
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