1、A new oil and gas report released by a national resources watchdog is suggesting there will be a dramatic growth of oil and gas reserves here in China.The report states that the countrys combined oil and gas output will exceed 600-million tons of oil by 2030.Experts suggest it could help reduce Chin
2、as dependence on imported energy.CRIs Zhang Shuangfeng has more.According to the Ministry of Land and Resources, China had nearly 94 billion tons of provable oil reserves as of the end of 2011, an increase of 23 percent over 2007. The provable natural gas reserves reached about 55 trillion cubic met
3、ers, about 56 percent more than in 2007.Peng Qiming, director of the ministrys geological exploration department, attributed the improvements to two factors.The dramatic growth of the oil and gas reserves across the country is mainly due to technological development and innovation in exploration and
4、 drilling. We drilled 600 new oil shale wells in the northeast over the past five years, which helped us to improve the exploitation scale.China, one of the worlds largest energy users, added more than 11 billion tonnes of oil reserves and 5.8 trillion cubic meters of gas reserves during the past de
5、cade.The countrys annual oil output stands at over 200 million tonnes in 2011, and its gas output has topped 101 billion cubic meters, ranking fourth and sixth in the world respectively.At the same time, the country has also seen its oil consumption surging.Statistics from the Ministry of Industry a
6、nd Information Technology show Chinas dependence on imported oil rose to over 56 percent in 2011.Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, said the substantial increases in geological resources will no doubt alleviate the threat on Chinas energy se
7、curity, but there are still some problems.It will depend on the quantity of how much there is and the economics. For example, if the reserve has large quantity, it will certainly help a lot. But if it is small, it will not be that significant. Second, if the cost of utilizing those reserves is high, it will also be a problem.The Ministry of Land and Resources predicts Chinas annual output of oil may exceed 250 million tons by 2030, and the annual output of natural gas is expected to reach 450 billion cubic meters.For CRI, Im Zhang Shuangfeng.
