China Oil Output to Exceed 200m Tons

Monday, December 12, 2005
China's annual oil output is expected to surpass 200 million tons in the 2010-2015 period, and the production capacity will last for at least 15 years, a senior official with the Ministry of Land and Resources said according to a report publishedon www.chinaview.cn. According to the official, China's proven oil reserve would increase 800 million to one billion tons a year on average between 2005 and 2020. His estimate is based on the results of a new round of assessment on China's oil and gas resources, which covers 129 basins. The results indicate that China's natural gas output will move up steadily in the coming 15 years to reach 90 billion or 110 billion cubic meters by 2010, and to 150 billion or 170 billion cubic meters by 2020. According the report, the official advised to strengthen geological academic research on oil and gas exploration and increase input in the sector to enhance exploration technology. (www.chinaview.cn)
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