Quantcast
Thursday , November 23 2017
Breaking News
Home / International Customs / China / China’s oil, gas exploration investment up 12.6%
China’s oil, gas exploration investment up 12.6%

China’s oil, gas exploration investment up 12.6%

BEIJING: China’s oil and natural gas exploration investment rose 12.6 percent during 2012-2016 period when compared with the previous five years, the Ministry of Land and Resources (MLR) said Tuesday. With the stable investment increase during the past five years, China saw continuous growth in oil reserves, according to Yu Haifeng, a MLR official. China has discovered more than 10 100-million-ton oil fields so far. The country is a major importer of crude oil. CNPC Economics and Technology Research Institute estimated China’s reliance on oil imports exceeded 65 percent in 2016.

China aims to increase domestic crude oil output to 200 million tons by 2020, while supply capacity for natural gas should exceed 360 billion cubic meters, according to the five-year plan released by the National Development and Reform Commission and the National Energy Administration in January this year. Official data showed China’s crude oil output totaled 181.21 million tons in the first 11 months of 2016 while natural gas output came in at 121.1 billion cubic meters. While China is promoting exploration to ensure domestic oil supplies, its primary energy consumption is becoming cleaner, the CNPC Economics and Technology Research Institute said Wednesday. By 2030, clean energy such as natural gas and non-petrochemical energy will dominate the country’s newly added energy supply, according to this year’s edition of “World and China Energy Outlook 2050” issued by the institute.