Related readings: China's oil reserves New oil find may be largest in a decade China actively establishing oil reserves - minister Energy Law to highlight corporate oil reserves

The total exploitable oil reserve was about 2.04 billion tons by the end of last year, while the exploitable natural gas reserve was 2.45 trillion cubic meters, said the Ministry of Land and Resources.

Based on last year's capacity, the reserve can last for only 11 years, while in previous years the ratio was between 14 to 15 years, according to the People's Daily.

China found 195 million tons of exploitable oil reserves last year, among which 172 million tons were exploitable. However, the country produced 184 million tons during the same period.

China became a net oil importer in the late 1990s and now is the world's No. 2 consumer after the United States. Consumption last year rose another 9.3 percent to 2.4 billion barrels.

Imports in 2006 surged by 16.9 percent and accounted for 47 percent of consumption, while domestic production edged up just 1.7 percent.

(For more biz stories, please visit Industry Updates)