China’s decision to boost oil exploration activities has led to a 64% increase of country’s potential oil reserves since 2007, wrote Oil Price, according to a new report published by the Chinese Ministry of Land and Resources.
Emirates News Agency informed that the overall percentage of recoverable reserves has increased by 42% from the last assessment that was conducted also in 2007.
China is believed to be rich in unconventional oil and gas resources. The Asian country holds estimated 90tcm of natural gas reserves, 50tcm of which can be extracted, and 122tcm of shale gas reserves, 22tcm of which are expected to be recoverable.
Meanwhile, the Chinese giant Sinopec has recently launched production at its Fuling shale gas dehydration station with a 3mcm capacity. This is considered to be China’s largest project in such field and is expected to increase shale gas production by 1bcm.