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China has great potential in developing its petroleum and natural gas industries, said Vice-Minister Zhang Guobao in charge of the National Development and Reform Commission (NDRC).
"China has comparatively rich oil and gas resources, and has good prospects for future development," Zhang said at the China International Petroleum & Petrochemical Industry Summit held yesterday in Beijing.
The summit was jointly hosted by the country's four conglomerates: China National Petroleum Corp, China Petroleum and Chemical Corp, China National Offshore Oil Corp and Sinochem Corp.
According to the nation's third natural resources survey, China's total oil reserves had reached 102.1 billion tons and its natural gas resources topped 47.4 trillion cubic metres, Zhang said.
Proven exploitable oil reserves are 14 to 16 billion tons, while those of natural gas are 10 to 15 trillion cubic metres.
"Potential for further development still exists, as only 40 per cent of oil reserves and 20 per cent of gas resources are proven," Zhang said.
It is estimated that in the next 10 to 15 years, the development of natural gas sector will enter a stable period of fast growth.
By 2020, newly-increased, exploitable gas reserves will be more than 100 billion cubic metres a year. The yield of natural gas will be 80 billion cubic metres in 2010 and 120 billion cubic metres by 2020.
The development potential for oil industry is also huge, although difficulties exist in exploring the reserves.
"The government will increase capital investment and improve technology levels to realize stable development in the sector," Zhang said.
He said that there was the possibility of finding new, large oil fields in the near future.
In addition to oil and gas, China also has great potential to develop new energies, which would be complementary to common energy resources.
During the past 50 years, China's oil and gas industries have attained rapid growth.
The country's output of crude oil reached 170 million tons last year from 120,000 tons in 1949, with an average annual growth of 13.8 per cent.
Yield of natural gas reached 35 billion cubic metres in 2003, increasing 15.7 per cent year-on-year.
In China's energy consumption mix, the proportion of oil use rose from 16.6 per cent in 1990 to 22.7 per cent in 2003, while that of natural gas consumption climbed from 2.1 per cent to 2.8 per cent during the same period.
For further stable and sustainable development of China's petroleum industry, government will continue to support international co-operation in the sector, said the vice-minister.
Foreign investors are encouraged to take part in the country's exploitation of natural gas resources, energy infrastructure construction, sales of natural gas to end users, gas-fired power generation and the production of petrochemical products.
(China Daily September 21, 2004)
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