Chinanews, Beijing, Mar. 31 – The Ministry of Land and Resources recently made an investigation on the oil reserves held by China's oil companies, including the three oil giants, PetroChina, Sinopec, and the China National Offshore Oil Corporation (CNOOC), and various small local oil companies. The investigation shows that by the end of 2006, China's remaining commercial recoverable oil reserves amounted to 2.04 billion tons, and remaining commercial recoverable natural gas reserves amounted to 2.45 trillion cubic meters.

 

In 2006, the newly discovered commercial recoverable oil reserve reached 172 million tons, and that of natural gas reached 293.57 billion cubic meters.

 

The survey also shows that in 2006, the newly discovered geological oil reserves reached 949 million tons, dropping by 1.6%. Newly discovered technological recoverable oil reserves reached 195 million tons, increasing by 10.8%. The newly discovered commercial recoverable oil reserves in six basins were found to exceed 10 million tons. These basins are Bohai Bay basin, Songliao basin, Erdos basin, Tarim basin, Junggar basin, and the basin in Bohai area basin. In 2006, the newly discovered geological natural gas reserves amounted to 581.60 billion cubic meters, decreasing by 6.2%. In 2006, three basins were found to have newly discovered commercial recoverable natural gas reserves exceeding 10 billion cubic meters. These are Sichuan basin, Tarim basin, and Erdos basin.