The chairman of the Chinese National Committee for the World
Petroleum Council, Wang Tao, said on September 22 that according to
a new evaluation of resources, China owns an estimated amount of
more than 65 billion tons of oil, 39 percent of which has been
verified. The estimate for natural gas reserves is 25 trillion
cubic meters, 24.6 percent of which is confirmed.
Wang Tao said at the 2007 China Petroleum Symposium on the New
Domain and New Technologies of Oil and Gas Exploration held in
Beijing that the country has rich oil and gas resources but the
exploration level remains relatively low. Therefore, there is high
potential for further resource development. Oil and gas exploration
should be focused in the carbonate rock areas of the sea and
western and northern China in the next period.
Wang Tao stated that exploring for oil and gas so as to obtain new
resources is the prerequisite for the development of the oil
industry. Developing new domains and new technologies of oil and
gas exploration is one of the most targeted objectives in the
energy field during the 11th Five-Year Plan (2006-2010), and also
the focus of today's oil industry. In recent years, China has made
marked achievements in oil and gas exploration and significant
progress in geological theoretical innovation and exploration
technology for oil and gas.
It is said that so far the world has extracted more than 160
billion tons of crude oil, more than 170 billion tons is set to be
extracted, and more than 1,000 tons to be discovered.
(China.org.cn by Zhang Ming'ai, September 24, 2007)