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Crude oil reserves decline sharply last year

By Dai Yan (chinadaily.com.cn)
Updated: 2007-02-06 09:30

Related publication: Related readings: Increased search for offshore oil First strategic oil reserve begins operation

China was still the world's fifth-largest crude oil producer in 2006, but dropped to the 13th worldwide in terms of proven crude reserves from the 12th in 2005, according to statistics released by the United States-based Oil & Gas Journal, the world's most widely read petroleum industry publication.

According to statistics, China's crude oil output is expected to have reached 185 million tons in 2006, a slight increase of two percentyear on year. The proven crude reserves are estimated at 2.2 billion tons, down 12.33 percent from 2005. The proven natural gas reserves increased 50.02 percent to 2.3 trillion cubic meters, making China jump from the world's 21st to 15th.

Global crude oil and gas condensate output is expected to have risen by 0.2 percent from 2005 to 3.6 billion tons in 2006. Proven crude oil reserves in the world were estimated at 180.5 billion tons last year, up 1.96 percent from 2005. Proven natural gas reserves were up 1.15 percent from 2005 to 175.1 trillion cubic meters. Saudi Arabia and Russia ranked first worldwide in terms of crude and natural gas reserves respectively, with 35.6 billion tons and 47.6 trillion cubic meters.

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The full text is available in the February Issue ofChina Energy.