BEIJING - The National Bureau of Statistics (NBS) on Thursday announced that the first phase of the oil reserves project was complete and operational.

The reserve project has a total oil storage capacity of 16.4 million cubic meters, with actual oil reserves totalling 12.43 million tons, an NBS statement said.

The phase one project consists of four oil reserve bases, namely the Zhoushan and Zhenhai bases in East China's Zhejiang province; Dalian base in Northeast China's Liaoning province; and Huangdao base in East China's Shandong province, the statement said.

The state strategic oil reserve base program was launched in 2004 as a way to offset oil supply risks and reduce the impact of fluctuating energy prices worldwide on the domestic market for refined oil.

According to an action plan on energy development strategy for the 2014-2020 period, which was released Wednesday by the State Council, China will expand its reserves through the second and third phases of the reserve project.