China discovers huge oil, gas deposits

China discovered nearly 1.1 billion tonnes of oil deposits and 616.4 billion cubic meters of natural gas reserves in 2013, said the Ministry of Land and Resources. Of the new discoveries, 202 million tonnes of oil and 381.9 billion cubic meters of natural gas can be exploited with the current technologies, according to the ministry. The production of oil and natural gas last year stood at 210 million tonnes and 117.6 billion cubic meters, rising 1.4 percent and 9.1 percent year-on-year, respectively. "Oil and natural gas discoveries maintained a strong momentum in 2013 with steady production increase as China strengthened its exploration efforts and made breakthroughs," said the ministry. China is one of the world's largest energy consumers, and a large part of its demands, especially in oil and natural gas, depends on imports.