China 2010 oil discoveries up, gas findings slump

by DavidQuick

Write-up by Chinamining

China's discoveries of proven geological oil reserves in 2010 inched up slightly from a year earlier, but natural gas deposit findings slumped almost 18 per cent, Ministry of Land and Resources information showed.

China, the world's largest metals consumer, also said it discovered more coal, copper, iron ore and gold deposits, as it struggles to cope with surging demand for all kinds of resources.

The second largest oil consuming country discovered 1.15 billion tonnes of proven geological oil reserves and 594.5 billion cubic metres of proven geological natural gas deposits in 2010, the ministry said in report in its official newspaper, China Land and Resources News.

China discovered 1.12 billion tonnes of geological oil reserves and 723.4 bcm of gas in 2009, the ministry said.

The country's remaining proven oil reserves that are technologically recoverable increased 6.five per cent from a year earlier to 3.14 billion tonnes at the end of 2010, and remaining, extractable gas deposits gained 3.7 per cent on year to three.9 trillion cubic metres, the newspaper report said.

It did not mention any figures on proven reserves that are commercially viable.

On other commodities, China said exploration uncovered 43.6 billion tonnes of coal, 7.98 billion tonnes of iron ore, 610 tonnes of gold resources and 3.71 million tonnes of copper.

It also discovered 4.93 million tonnes of lead and 7.83 million tonnes of zinc. The ministry did not say how significantly of these new found resources would be technologically recoverable.

Even although China boasts of having considerable amounts of reserves for various resources and is the world's largest producer of many commodities, its rapid economic development has prompted its demand for raw materials to surge, transforming the nation into a significant energy and commodities importer.

Chinese government and business estimates of oil and commodities reserves frequently differ from those in the west, which are governed by strict definitions that make clear how significantly of a field resources is expected to be produced over its life time.

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