China to produce 40 % for its oil consumption by 2020

Nov 05, 2007 01:00 AM

A researcher with China National Petroleum Corporation (CNPC) said that by 2020 China will try to keep its annual oil imports below 60 % of its total oil consumption.
CNPC is now China's top oil and gas producer, "I can assure you that China's oil and gas production is still huge because of the reserves potential. Currently China's production is rising to its peak season, which may last 30 years," the researcher, Zhao Wenzhi, director of the Research Institute of Petroleum Exploration & Development affiliated to CNPC said.

It is estimated that China's oil output might reach 200 mm tons by 2020 with the production volume remain unchanged for a long time while the demand for oil in China is estimated to hit 450 to 600 mm tons.
"We can't fully meet our oil demand with local production. That is the reality. But we will try to produce 40 % of the oil we need by then," Zhao said.

Natural gas as a clean-energy option will play a more important role in meeting the country's energy demand.
China's natural gas lags behind oil production though the clean energy almost equals crude oil in terms of resource volume in China. Last year, only 58.6 bn cm of natural gas had been extracted with the extractable gas reserves of as much as 22 tcm, not considering the resources in the southern part of South China Sea.

Source / Chinaoilweb.com
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