From MarketWatch:
Energy-hungry China boosted its oil reserves by at least 25 percent last year, according to a report published by Chinese state media.
Xinhua news agency reported intensified exploration efforts helped the two biggest oil companies to locate nearly 850 million metric tons (623 billion barrels) of oil reserves in 2004, AFX-Asia reported Friday.
This suggests that China’s proven oil reserves topped 4 billion tons (29 billion barrels) at the end of last year, given earlier reports stating the country had 3.2 billion tons by late 2003.
China National Petroleum Corp, or CNPC, reported finding 520 million tons of new oil reserves in 2004, while Sinopec found 328 million tons, according to Xinhua.
