China's oil, gas surveying investment up 6.7%

Updated: 2011-10-20 11:28


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BEIJING -- A report released Wednesday by the Ministry of Land and Resources showed that the world's second largest economy was stepping up investment for the search of oil and gas.

The report said the nation's surveying investment for oil, gas and minerals increased 6.7 percent in 2010 compared to 2009. The surveys succeeded in locating two major oil fields and six natural gas fields each with an estimated reserve of more than 30 billion cubic meters of gas.

Meanwhile, another 202 large and mid-sized ore fields were located, the report said.

Total geological resources surveying investment last year amounted to 95.3 billion yuan ($15 billion), up 14.7 percent year on year.

Even so, China still relies heavily on overseas supplies of oil and iron ore. In 2010, 54.8 percent of the oil had to come from imports, while 53.6 percent of the iron ore was also imported, the report said.