As much as 32.3 billion tons of oil can be discovered in China in the future, the 21st Century Business Herald reported Monday, citing experts from the Research Institute of Economics and Technology, affiliated with China National Petroleum Corp (CNPC).
The fault basins in eastern China will boast 12.21 billion tons, or 38 percent of the total. Another 11.4 billion tons, or 35 percent, will lie in the western area of China. And 8.63 billion tons is expected to be found offshore.
China’s exploitable conventional oil was 21.2 billion tons as of 2009, according to a report issued by the institute earlier this year.
Oil output from China’s land area reached 141 million tons in 2008, up 4 million tons from 2001. But its portion of the total output fell below 80 percent in 2008, as offshore oil output rose to 19.91 million tons, accounting for 11 percent of the total, according to the paper.