China to Accelerate Offshore Energy Search

Press Release
Monday, March 12, 2012
Oil Platform: Photo credit Wikipedia CCL
China to invest heavily in offshore energy search

China plans to accelerate geological exploration and survey work for oil and natural gas to ease its rising reliance on energy imports, according to the Ministry of Land and Resources, which intends to draw up strategies to achieve breakthroughs in exploration, energy efficiency and replacements for oil and gas. The ultimate goal is to cut China's expanding dependency on foreign oil and to guarantee energy security.

In 2011, China's new proven geological reserves of oil and gas reached 1.37 billion tons, the highest since the Daqing Oilfield - China's biggest - was discovered in the 1960s, according to Wang Changbo, deputy director of the ministry's department of mineral resources reserves. New proven reserves totaled 5.74 billion tons during the 11th Five-Year Plan (2006-10).

China, the world's second-biggest oil user, imported 250 million tons of crude oil in 2011, taking its foreign oil dependency ratio slightly past 55 percent. causing experts to warn that the nation's high reliance on oil imports will threaten the country's energy security.

The ministry is encouraging the public and private sectors to invest in exploration and surveying for natural resources with a 120 billion yuan ($19 billion) fund available to meet exploration and surveying costs.

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Abigail Ross Hopper Named BOEM Director

Secretary of the Interior Sally Jewell today named Abigail Ross Hopper as the Director of the Bureau of Ocean Energy Management (BOEM), which manages the development

QGEP to Acquire FPSO from Teekay

Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production,

Hoists Facilitate Offshore Crane Repairs

When the diesel engine of a deck crane failed, it caused major handling problems for an offshore platform operating in the Dutch sector of the southern North Sea,

Energy

Abigail Ross Hopper Named BOEM Director

Secretary of the Interior Sally Jewell today named Abigail Ross Hopper as the Director of the Bureau of Ocean Energy Management (BOEM), which manages the development

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1406 sec (7 req/sec)