According to conservative estimation, proved reserves of petrified natural gas of China Petroleum & Chemical Corporation (Sinopec for short) will grow at minimally 1000 cubic meters per year, and will reach 800 billion cubic meters by 2010. Calculating by the yield rate of 70%, the reserves will increase 560 billion, 7.7 times of that at the end of 2006 and crude oil reserves will increase by 10% over those at the end of 2006.
In 2000-2006, the retail volume of Sinopec's finished oil rose to 72 million tons from 24 million tons, much higher than the growth of sales volume of finished oil in the same period, and the proportion of the retail volume to the sales volume went up to 65% from 44%. It's estimated that by the year 2010, the retail ratio of finished oil will reach 78% and the gas filling volume of each gas station will ascend to 37 million tons per year.
Forecast of Newly-Increased Natural Gas Reserves during the 11th Five-Year Plan Period
Unit: Billion Cubic Meters
Gas Filling Volume per Station and Proportion of Retail Volume of Sinopec, 2000-2006
Status Quo and Forecast of Sinopec's Upstream Business
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