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18 comments on Chinese lower their intended purchases

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JD on September 13, 2005 - 10:17pm Permalink | Subthread | Comments top
Related announcement from Xinhua:
China, capable of turning out 180 million tons of crude oil yearly in the next 20 years, enjoys a huge potential in developing new oil and gas resources, a senior government official said here Tuesday.

The prediction is based on the third general survey of national oil and gas resources by the National Development and Reform Commission(NDRC)recently, said Zhang Guobao, vice chairman of NDRC at a press conference held by the State Council Information Office.

"The outcome of evaluation on the oil and gas resources was better than former data," said Zhang.

According to Zhang, China has a large potential to develop new oil and gas sources, especially natural gas, which is still in the initial development stage.

"As long as an all-out effort is made in exploration, it is
possible to find new oil and gas resources in China, " Zhang said.


Xinhua article
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The Interloafer on September 14, 2005 - 7:48pm Permalink | Subthread | Parent | Comments top
How many barrels of oil is 180 million tons?
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tom deplume on September 15, 2005 - 10:17am Permalink | Subthread | Parent | Comments top
There are 42 gallons in a barrel. A gallon weighs about 7.5 pounds. A barrel then weighs 315 pounds. So a ton has about 6.35 barrels. But then the Chinese might be using metric tons which are about 225 pounds more.
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18 comments on Chinese lower their intended purchases

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