A nationwide project is being launched to assess the potential capacity of China's oil and natural gas resources, a senior official from the Ministry of Land and Resources said in early December. Based on the existing data, China's oil and natural gas reserves are estimated at 106.9 billion tons and 53 trillion cubic meters respectively at the present time. With application of various coefficients for correction of those data, the experts have drawn the conclusion that the ultimate recoverable oil and gas reserves are 13-16 billion tons and 10-15 trillion cubic meters respectively in China.
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