The evaluation will provide precise information about China's oil and natural gas reserves, Xinhua News Agency said, citing Sun Wensheng, minister of Land and Resources.
The evaluation will be carried out in three phases. The first phase involves a year-long field evaluation that will start April 2004, the report said, without elaboration on the second and third phases.
China conducted an oil and gas reserve evaluation in the 1980s and another in the 1990s. The last evaluation in the 1990s put China's oil reserves at 13 billion to 16 billion metric tons and natural gas reserves at 10 trillion to 15 trillion cubic meters.
According to China Daily Tuesday, the evaluation will be jointly organized by the Ministry of Land and Resources and the National Development and Reform Commission. China Daily said the evaluation will be carried out by China National Petroleum Corporation, China Petroleum & Chemical Corporation (SNP), China National Offshore Corp and China United Coalbed Methane Co. Ltd.
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