China to invest US$13b in O&G exploration
BEIJING: China will invest 80 billion yuan or US$13.07 billion (RM43.13 billion) in oil and gas exploration in 2013, state media said yesterday, as it tries to boost energy supplies reduce its dependence on energy imports.
O&G investment in China has risen from 19 billion yuan in 2002 to 67.3 billion yuan in 2011, the Xinhua news agency said, citing Ministry of Land and Resources figures.
More than five billion tonnes of petroleum reserves and 2.6 trillion cu m of natural gas were discovered between 2008-2011, Xinhua said.
China, the world's biggest energy consuming country, has promised to cut its growing dependence on overseas oil and gas supplies.
Some analysts expect China to overtake the US as the world's biggest crude oil importer as soon as 2017.
Gas imports are important to China because domestic production is not sufficient to meet growing demand. Reuters