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Speaking at the China International Petroleum & Petrochemical Industry Summit Zhang said, “China has great potential in developing its petroleum and natural gas industries while business opportunities in the six sectors will be the most promising and enormous in China’s energy market.”
“According to the nation’s third natural resources survey, China’s total oil reserves have reached 102.1 billion tons and its natural gas resources topped 47.4 trillion cubic metres. Proven exploitable oil reserves are 14 to 16 billion tons, while those of natural gas are 10 to 15 trillion cubic metres.
“China has comparatively rich oil and gas resources, and has good prospects for future development [and] potential for further development still exists, as only 40% of oil reserves and 20% of gas resources are proven,” added Zhang.
"The government will increase capital investment and improve technology levels to realize stable development in the sector," he added.
