China's natural gas, oil reserves peak in 2012

China is the world's top energy consumer. Last year, the proven reserves of oil and natural gas in the country also hit a fresh record-high, boosted mainly by technological advancements. This is according to fresh data from the land and resources ministry.

In 2012, China explored more than 960 billion cubic meters of natural gas reserves. The finding is a record high and represents a 33 percent jump on an annual basis. New proven oil reserves exceeded 1.5 billion tons, up 13 percent year on year.

In addition, the Ministry of Land and Resources conducted its first-ever national survey on the exploitation and utilization of 22 kinds of minerals including coal and iron.

"We have surveyed more than 20 thousand coal mines from as many as 70 aspects. We are currently checking the data and a final report will be released by the end of this year," said Xu Dachun, deputy director of Dept. of Mineral Resources Reserves, MLR

The rise in proven oil and gas reserves are crucial for China in easing energy shortage concerns and enhancing the domestic supply capacity. Last year, China consumed about 251 million tons of refined oil products, up 3.3 percent year-on-year and more than 147 billion cubic meters of natural gas.