Proved reserves of China oil and gas remained high position for five years

Although the investment of geological exploration decreased affected by the overcapacity and low oil price, proved reserves of China oil and gas remained high position for many years.

China Land and Resources Department revealed that new proven geological reserves reached 1.118 billion tons in 2015 which was the thirteenth and ninth consecutive year of more than 1 billion tons. The new proven recoverable reserves was 217 million tons.

Proven geological reserves of natural gas also continued to grow. The new proven reserves of gas was 677.22 billion cubic meters and recoverable reserves was 375.435 billion cubic meters in 2015. During the Twelfth Five-year, China’s annual increase of proven gas reserves was over 500 billion cubic meters for five years.

Although the development of shale gas was in the early stage, new resources of shale gas increased rapidly. During the Twelfth Five-year, shale gas exploration of China achieved a major breakthrough with 544.129 billion cubic meters of new proven reserves. Since it was developed commercially in 2014, total production of shale gas had reached 5.718 billion cubic meters. The national shale gas production was 4.471 billion cubic meters in 2015, increasing by 258.5% than that in last year.

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