The results of the latest dynamic evaluation conducted by the Ministry of Land and Resources Organization Oil Company show that China’s oil geology resources increase by 15% from the new round of national oil and gas resources assessment completed earlier, to 88.1 billion tons, and recoverable resources increase to 23.3 billion tons.
Since 2008, the Ministry of Land and Resources has organized oil companies to conduct dynamic evaluations on six basins, including Bohai Bay, Ordos, Sichuan, Pearl River estuary, Qiongdongnan, and Beibu Gulf, where resources have changed significantly. The results showed that the country’s petroleum geology resources increased by 15% to 88.1 billion tons, and recoverable resources increased to 23.3 billion tons. Natural gas geological resources increased by 49% to 52 trillion cubic meters, and recoverable resources increased to 32 trillion cubic meters.
It is reported that in order to understand the national oil and gas resources and provide scientific basis for the preparation and implementation of the country's medium- and long-term development plan, the Ministry of Land and Resources, together with the National Development and Reform Commission and the Ministry of Finance, organized a new round of national oil and gas resources evaluation in 2003. The results showed that China's petroleum geology resources amounted to 76.5 billion tons, the recoverable resources amounted to 21.2 billion tons, and the exploration entered the middle period; the natural gas geological resources amounted to 35 trillion cubic meters, and the recoverable resources amounted to 22 trillion cubic meters, and exploration was at an early stage.
Driven by favorable policies, demand, and profit-driven factors, China's investment in mineral exploration continues to grow, while the investment of non-oil and gas exploration is increasingly diversified.
According to statistics, in 2002, China's non-oil and gas exploration investment was only 1.943 billion yuan, which increased year after year. In 2006, it exceeded 10 billion yuan for the first time, reaching 35.504 billion yuan in 2011, 18 times that of 2002. Among them, the proportion of social funds accounts for 70%, which has become the main source of China's non-oil and gas exploration investment. The diversification of non-oil and gas resources and geological exploration input led by financial funds and participation of social funds has already taken shape.
At the same time, China’s oil and gas resources (mainly oil, natural gas, coalbed methane, shale gas) geological exploration investment increased from 18.96 billion yuan to 67.3 billion yuan, a 2.5-fold increase, mainly by China Petroleum. Four major state-owned companies, such as Sinopec, China National Offshore Oil Corporation and Yanchang Petroleum, have invested.
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