China disclosed its technical recoverable reserves of oil and natural gas recently. The remaining technical recoverable reserves of oil are 3.85 billion tons, and the remaining technical recoverable reserves of natural gas are 6,683.47 bcm.

According to the data of the 2023 China Natural Resources Bulletin and the 2023 National Oil and Gas Reserves Statistics Bulletin, the newly proved reserves of oil and gas exploration in China have remained at a high level, the newly proved geological reserves of oil and gas exploration have remained at more than 1.2 billion tons for four consecutive years, and the newly proved geological reserves of natural gas, shale gas and coal-bed gas combined have remained at more than 1.2 trillion cubic meters for five consecutive years.

It is noteworthy that the newly discovered reserves of Kaiping 11-4 oilfield in the South China Sea have reached a large scale, becoming the first deep-water self-operated large-scale oilfield in China. New proved reserves in Sulige gas field in Ordos Basin, Hexingchang gas field and Anyue gas field in Sichuan Basin and Kelasu gas field in Tarim Basin are characterized by large scale. The new proved reserves in Shenfu coalbed methane field and Daji coalbed methane field in Ordos Basin have reached a large scale.

By the end of 2023, China’s remaining technically recoverable oil reserves of 3.85 billion tons, an increase of 1.0% Y-O-Y. The remaining technically recoverable reserves of natural gas were 6,683.47 bcm, up 1.7% Y-O-Y. The remaining technically recoverable reserves of shale gas are 551.61 bcm. The newly proved geological reserves of CBM exploration increased by 317.93 bcm, of which the newly proved technical recoverable reserves increased by 161.34 bcm, an increase of 712.1% Y-O-Y.

In 2023, China’s domestic production gas stood at 230.68 bcm, taking up about 58% of China’s total gas supply. Domestic production gas will continue to represent more than 50% of the total gas supply in China before 2028, thanks to the energy security policy that NDRC keeps emphasizing importance of self-sufficiency of gas supply given meager gas. However, the growth rate is predicted to gradually slow down from 5.9% in 2023 to 4.7% in 2028 limited by the reservoir and development scale.