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 October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


US Senators Introduce Bill to Limit Offshore Drilling

A group of U.S. Senators on the West Coast have introduced a bill Wednesday aiming to prohibit offshore drilling on the outer continental shelf of California, Oregon and Washington.

Danish-South Korean Co-operation Strengthened

The Danish-South Korean Green Growth Alliance met for roundtable talks yesterday. The Minister for Business and Growth's meeting with the South Korean Minister

Seadrill Hopes to See Market Turn in 2017

Offshore rig driller Seadrill is facing another two years in the doldrums but hopes the international rig market could turn around in 2017.   Rig rates have more


House Passes Bill to Repeal US Oil Export Ban, Veto Looms

The U.S. House of Representatives passed a bill on Friday to overturn the 40-year-old ban on oil exports, but the measure did not get enough support to overturn any veto by President Barack Obama,

Commodity Surge Boosts World Equities; Dollar Falls

Major world stock markets were poised for their biggest weekly advance since 2011 on Friday, as greater investor appetite for riskier assets propelled gains in

House Expected to Pass Bill Axing US Oil Export Ban

A bill to repeal the U.S. oil export ban was expected to pass the House of Representatives on Friday, but faces an uncertain future after a veto threat by President Barack Obama.

Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | 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: 0.1108 sec (9 req/sec)