(MENAFN- Qatar News Agency) China had nearly 94 billion tons of provable oil reserves as of the end of 2011, an increase of 23 percent over 2007.
The provable natural gas reserves reached about 55 trillion cubic meters, about 56 percent more than in 2007, the Ministry of Land and Resources said.
"The dramatic growth of the oil and gas reserves across the country is mainly due to technological development and innovation in exploration and drilling.
We drilled 600 new oil shale wells in the northeast over the past five years, which helped us to improve the exploitation scale," Director of the Ministry's Geological Exploration Department Peng Qiming explained.
The Ministry of Land and Resources forecasts China's annual output of oil may exceed 250 million tons by 2030, and the annual output of natural gas is expected to reach 450 billion cubic meters.
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