Tuesday, 09 October 2012 15:32
Posted by Imaduddin
BEIJING: China's geological oil resources were put at 88.1 billion tonnes (643 billion barrels) in 2010, up 15 percent from a survey three years earlier, the China Petrochemical News reported on Tuesday, citing a survey by the Ministry of Land and Resources.
China, which is the world's second-largest oil consumer, rarely publishes data on its oil resources.
The survey showed recoverable oil resources were 23.3 billion tonnes, up from 21.2 billion tonnes in 2007.
Recoverable natural gas resources rose 45 percent to 32 trillion cubic metres (tcm). Total geological natural gas resources were up 49 percent at 52 tcm, the paper said.
It was not clear how much of the resources might be economic to exploit. Analysts predict China's dependence on imports will continue to grow as demand outstrips supply.
China's domestic crude oil production rose just 0.3 percent to 203.6 million tonnes in 2011, while natural gas output rose 6.9 percent to 102.53 billion ...
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BEIJING: China's geological oil resources were put at 88.1 billion tonnes (643 billion barrels) in 2010, up 15 percent from a survey three years earlier, the China Petrochemical News reported on Tuesday, citing a survey by the Ministry of Land and Resources.
China, which is the world's second-largest oil consumer, rarely publishes data on its oil resources.
The survey showed recoverable oil resources were 23.3 billion tonnes, up from 21.2 billion tonnes in 2007.
Recoverable natural gas resources rose 45 percent to 32 trillion cubic metres (tcm). Total geological natural gas resources were up 49 percent at 52 tcm, the paper said.
It was not clear how much of the resources might be economic to exploit. Analysts predict China's dependence on imports will continue to grow as demand outstrips supply.
China's domestic crude oil production rose just 0.3 percent to 203.6 million tonnes in 2011, while natural gas output rose 6.9 percent to 102.53 billion ...
SINGAPORE: Brent crude futures rose towards $113 a barrel on Tuesday after two days of losses, with supply fears due to escalating tensions in the Middle East prevailing over a sluggish outlook for global demand.
Turkish President Abdullah Gul said on Monday that the worst case scenarios between his country and Syria are now playing out, fuelling concerns that the 18-month old conflict in Syria may spread to other countries in the region.
"Right now the market ...
DUBAI: High oil prices will support economic expansion in the Middle East and North Africa in 2012-2013 as importers grapple with fallout from the Arab Spring uprisings and external pressure, the IMF said on Monday.
The MENA region covered by the International Monetary Fund, which stretches from Iran to Mauritania, is expected to grow at 5.3 percent in 2012, compared with 3.3 percent last year, the IMF said in its annual World Economic Outlook.
Oil exporters will ...
SINGAPORE: Brent crude futures rose towards $113 a barrel on Tuesday after two days of losses, with supply fears due to escalating tensions in the Middle East prevailing over a sluggish outlook for global demand.
Turkish President Abdullah Gul said on Monday that the worst case scenarios between his country and Syria are now playing out, fuelling concerns that the 18-month old conflict in Syria may spread to other countries in the region.
"Right now the market ...
HANOI: Vietnam is projected to produce 16.18 million tonnes, or 325,000 barrels per day of crude oil this year, beating an initial target by more than 2 percent, after putting new wells in operation, state oil and gas group Petrovietnam said on Monday.
Three wells off Vietnam's coasts, another project in Russia and a fifth well in Venezuela have started production in the January-September period, adding to annual output this year, the Hanoi-based group said in ...
