China finds 1.4 bln T of new oil reserves in 2012 - ministry

BEIJING Fri Jan 18, 2013 7:09am EST

BEIJING Jan 18 (Reuters) - China discovered more than 1.4 billion tonnes of new proven oil reserves last year, its third highest annual haul ever, while its proven reserves of natural gas also increased by a record of nearly 900 billion cubic metres over the year, the Ministry of Land and Resources said on Friday.

The ministry said in an announcement posted on its website (www.mlr.gov.cn) that it also discovered more than 7 million tonnes of copper reserves and nearly 400 million tonnes of bauxite over the year.

In a speech cited by state news agency Xinhua on Friday, vice-minister of land and resources Wang Min said that China also increased its total coal resources by 132 billion tonnes, its gold resources by 604 tonnes and its iron ore resources by 5.4 billion tonnes over the year.

Wang said China invested a total of 17.5 billion yuan ($2.82 billion) in the last three years on geological exploration.

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