Chinese Oil Rig China’s potential oil reserves are up 64 percent since 2007 due to increased exploration activities, according to a new report from the Chinese Land and Resource Ministry. While potential reserves are up 64 percent, recoverable reserves were up only 42 percent, according to the report, cited by Xinhua News Agency . This now puts China’s potential oil reserves at 126 billion tons, with 30 billion tons of recoverable reserves—up significantly since the last assessment nearly a decade ago. The report also puts the country’s estimated natural gas reserves up 158 percent, to 90 trillion cubic meters, with recoverable natural gas reserves up 127 percent, to 50 trillion cubic meters. The increased exploration activities are also being boosted, the report says, by technological advancements. When it comes to shale, the Chinese government expects that its land holds around 122 trillion cubic meters of shale gas, though only […]