(MENAFN) According to the most recent information provided by the Ministry of Natural Resources, China has enough coal in the ground to endure for the next 50 years and has enough crude oil reserves to survive for at least 18 years at present production rates.
While China's coal reserves are sufficient to keep the country from reaching carbon neutrality by 2060, the stockpiles of fossil fuels are anticipated to last well past the country's 2030 deadline for reaching peak carbon emissions.
While China produces 4 billion tons of coal annually, which is used to meet most of its domestic demand, it buys far more crude oil than it produces. In actuality, China is the biggest buyer of oil globally.
The ministry estimates that the country's coal reserves were around 208 billion tons in 2021, up 28% from the level of the previous year, while exploration expenditures increased 10% to 1.3 billion yuan ($184 million).
In the meantime, oil reserves increased 2.8% to 3.7 billion tons, which, assuming consistent output of roughly 200 million tons per year, should be sufficient to see Chinese drillers through the majority of the next two decades.
Natural gas reserves, which are sufficient for the next three decades, were slightly higher at 6,339 billion cubic meters.
Energy-hungry Most of China's oil and a large portion of its gas are still imported.
The ministry reports that over the previous year, exploration investments increased by 13% to 80 billion yuan ($11.3 billion). Finding new reserves has advanced in Sichuan, Xinjiang, Inner Mongolia, and the Bohai Bay.
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