China discovers 1.2 bln tonnes oil in 2007 -Xinhua

BEIJING, April 17 (Reuters) - China discovered 1.21 billion tonnes of oil reserves and 697.4 billion cubic metres of natural gas in 2007, the official Xinhua News Agency said, citing an announcement by the Ministry of Land and Resources.

The report did not say if the reserves were proven or probable, nor did it give a comparative figure for the previous year.

Chinese estimates of oil and gas reserves often differ to those in the West, where estimates are governed by strict definitions of how much of a field's oil is expected to be produced over its life time.

New oil finds last year with reserves of at least 100 million tonnes included Jidong Nanpu, Daqing Gulong and Changqing Jiyuan, Xinhua said, three fields run by oil major PetroChina (0857.HK: Quote, Profile, Research, Stock Buzz) (601857.SS: Quote, Profile, Research, Stock Buzz) (PTR.N: Quote, Profile, Research, Stock Buzz).

Newly discovered natural gas deposits of at least 30 billion cubic metres include Jilin Changling, Changqing Shenmu, Sichuan Guangan, Tarim Dabei and Beifang Songnan, the report said, fields run by either PetroChina or its rival Sinopec (0386.HK: Quote, Profile, Research, Stock Buzz) (600028.SS: Quote, Profile, Research, Stock Buzz) (SNP.N: Quote, Profile, Research, Stock Buzz).

In addition, 40.63 billion tonnes of coal reserves were discovered in 2007.

The report said China's spending on geological surveys last year rose 25.2 percent from 2006 to 62 billion yuan ($8.87 billion), of which the government paid 5.56 billion yuan, or 47.2 percent more than a year earlier.

China has stepped up efforts to find natural resources at home and abroad in recent years as growth in domestic production trails the voracious demand.

($1=6.991 Yuan)

(Reporting by Jim Bai; Editing by Anne Marie Roantree)