Oil, gas investment dwindles
Source: www.chinamining.org Citation: Global Times Date: July 12, 2017
China`s investment in petroleum and natural gas exploration and mining plunged in 2016 due to continuing depressed oil prices, although a basic geological survey of oil and gas made progress, according to a report posted on the website of the Ministry of Land and Resources on Monday.
In 2016, the investment in petroleum and natural gas exploration stood?at 52.75 billion yuan ($7.75 billion), and?mining at 133.34 billion yuan, down 12.1 percent and 29.6 percent respectively, returning to the level of a decade ago, the report said.
National newly-proven oil geological reserves stood at 914 million tons in 2016, below 1 billion for the first time over the past decade. For the natural gas, the figure was 726.56 billion cubic meters, exceeding 500 billion for the 14th straight year, the report showed.
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