China Sees Declining Oil Reserves Last Year While Natural Gas Soars

China’s proven crude reserves dropped 12.33% last year to 2.19 billion tonnes from a year earlier while natural gas reserves surged more than 50% to 2.27 trillion cubic metres, far higher than the 1.15% average increase of world reserves, the National Development and Reform Commission (NDRC) said.

China is the only country that posts significant dip in crude reserve while Kazakhstan in Central Asia and the African country Angola recorded soaring increase of almost 50%, according to the NDRC report.
China’s crude reserves by the end of last year dipped one place in world’s ranking to 13th while natural gas jumped to the 15th from 21st in 2005, quoting figures released by the American trade magazine Oil & Gas Journal.

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