The Chinese flag: flutters in the wind
China oil cache boosted in 2008
China found more oil in 2008 than a year earlier, but discoveries of natural gas resources declined, data from the government showed today.
The nation discovered 1.34 billion tonnes of proven geological oil reserves, 647.2 billion cubic metres of natural gas and 23.11 billion tonnes of coal deposits in 2008, the Minstry of Land and Resources said.
It also said that 15 new oil and gas fields were found and confirmed last year, each with proven reserves of at least 100 million tonnes, according to a statement published on the ministry's Web site www.mlr.gov.cn.
By contrast, China discovered 1.21 billion tonnes of oil reserves and 697.4 billion cubic metres of natural gas in 2007.
The way China estimates oil and gas reserves often differs to the West, where estimates are governed by strict definitions of how much of a field's oil is expected to be produced over its life time.
China has stepped up efforts to find natural resources at home and abroad in recent years as growth in domestic production trails voracious demand, reported Reuters.