AFP: China’s booming economy is oil hungry

From AFP, via

China is digging deeper in search of , boosting its reserves by at least 25 percent over the past year as part of a strategy to locate new energy sources at home and abroad, state media said on Friday.

Intensified exploration efforts helped the two biggest oil companies to locate nearly 850 million tonnes of oil reserves in the course of 2004, the Xinhua news agency said.

This suggests that China’s proven oil reserves topped four billion tonnes at the end of last year, given earlier reports stating the country had 3.2 billion tonnes by late 2003

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