China Likely to Spend $13B in Oil, Gas Exploration in 2013

China Likely to Spend $13B in Oil, Gas Exploration in 2013

China's Ministry of Land and Resources indicated that Asia's largest oil consumer is likely to spend $13.07 billion (RMB 80 billion) in oil and gas exploration in 2013 as it seeks to reduce imports as part of a plan to boost energy security, local news agency Xinhua reported Sunday.

Figures from the ministry showed that oil and gas exploration investment rose to $11 billion (RMB 67.3 billion) in 2011 from $3.1 billion (RMB 19 billion) in 2002, leading to the discovery of some 5.01 billion tons of petroleum reserves and 91.8 trillion cubic feet (2.6 trillion cubic meters) of natural gas between 2008 and 2011.

Oil and natural gas imports stood at 58 percent and 30 percent of China's consumption in 2012, Xinhua reported quoting data from China National Petroleum Corporation's Economics and Technology Research Institute.

China consumed 10.22 million barrels of oil per day in 2012, 5 percent higher than the previous year, according to the BP Statistical Review of World Energy 2013, while natural gas demand rose 9.9 percent to 143.8 billion cubic feet in the corresponding period.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Zion Granted Approval to Drill Well On... (Dec 2)
 -  Production Drilling Begins at Mariner ... (Dec 2)
 -  Subsea 7 Secures Services Contract wit... (Dec 2)
 -  Eni: Oil Worker Dies Following Congo P... (Dec 2)
 -  FAR Refutes Claims that it cannot Farm... (Dec 1)


Most Popular Articles

From the Career Center
Jobs that may interest you
US Houston: Division Finance & Accounting Manager
Expertise: Accounting|Financial Analyst
Location: Houston, TX
 
Are you a Big 4 Trained Auditor looking for work?
Expertise: Financial Audit
Location: Houston, TX
 
Senior Accountant
Expertise: Accounting
Location: Alpharetta, GA
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours