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China’s Potential Oil Reserves Up 64%, Says Official Report

Chinese Oil Rig

China’s potential oil reserves are up 64 percent since 2007 due to increased exploration activities, according to a new report from the Chinese Land and Resource Ministry.

While potential reserves are up 64 percent, recoverable reserves were up only 42 percent, according to the report, cited by Xinhua News Agency.

This now puts China’s potential oil reserves at 126 billion tons, with 30 billion tons of recoverable reserves—up significantly since the last assessment nearly a decade ago.

The report also puts the country’s estimated natural gas reserves up 158 percent, to 90 trillion cubic meters, with recoverable natural gas reserves up 127 percent, to 50 trillion cubic meters.

The increased exploration activities are also being boosted, the report says, by technological advancements.

When it comes to shale, the Chinese government expects that its land holds around 122 trillion cubic meters of shale gas, though only 22 trillion cubic meters is expected to be recoverable.

Chinese giant Sinopec’s Fuling shale gas dehydration station launched production recently, with a 3-million-cubic-meter capacity. This is China’s largest such project and will increase Fuling’s shale gas production by 1 billion cubic meters, according to Xinhua.

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Proven developed reserves at Fuling are 28.77 billion cubic meters—twice that of 2014. Proven undeveloped reserves jumped to 5.13 Bcm from 2.49 Bcm over the same period, according to Platts.

Last month, Sinopec said it would triple shale gas capacity in southwest Chongqing to 15 billion cubic meters per year by 2020. Currently, it’s producing 5 billion cubic meters per year in Chongqing. At the same time, it will boost shale gas production here to 10 billion cubic meters per year by 2020.

By Julianne Geiger for Oilprice.com

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