The world's largest energy consumer to set to see a sizeable increase in domestic production.
A rig flares gas Image: Offshore Energy Today.com |
China's combined oil and gas output is set to reach 600 million tonnes of oil equivalent in 2030 as a result of substantial increases in geological resources. The country's northeastern region, where oil resources reached 22.5 billion tonnes at the end of last year, is earmarked to make a significant contribution to the rise.
Peng Qiming, director of the geological exploration department at the Ministry of Land and Resources, expects oil output to exceed 250 million tons in 2030, with gas output likely to reach at least 450 billion cubic metres in the same period. According to Peng, geological gas resources in the area surged 127% last year from 2007 levels.
The nation's annual oil output rose 203 million tonnes in 2011 from 160 million tonnes in 2002, during which time it also added 11.22 billion tonnes of oil reserves.