China's crude oil output to peak at 200 mm tons around 2015

Nov 08, 2004 01:00 AM

China's annual crude oil output is projected to peak at 200 mm tons around the year 2015, according to an economic study released on November 6 by China Economic Information Network under the State Information Centre.
Based on the present oil extracting technology and oil exploitation, China's output of crude oil in 2010 will be between 170 and 190 mm tons, much lower than its need of 350 to 380 mm tons, the study says. To meet market demand, the study concludes that China will have to depend on imported oil to make up for the discrepancy.

China's booming economy will lead to a drastic increase in the demand for crude oil, the study says, adding that the demand for natural gas is expected to climb to 100 bn to 120 bn cm in 2010 from 24.5 bn cm in 2000.
China's oil and natural gas sectors will have great potential due to increasing demands and big profit margins, according to the study. But it cautions that the investment risk for the oil sector is relatively high because of fluctuating international oil prices.

Source: Xinhua News Agency
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