|
China's total demand for oil in 2005 is expected to hit 354 million tons but the country can reduce reliance on imports by enhancing domestic energy supply, said sources with the China Petroleum and Chemical Industry Association.
China maintained stable growth in its oil and gas production in 2004 with 175 million tons of oil and 40.77 billion cubic meters of gas, up 2.9 percent and 18.5 percent year-on-year, said president Tan Zhuzhou of the association at a press conference held Monday.
Despite the domestic production growth, Tan said, China imported 122 million tons of oil in 2004, up 34.8 percent year-on-year.
China has potential to ease its reliance on foreign energy, as it has vast oil and gas reserves, with proven reserves amounting to merely less than 40 percent of those recoverable. It will be the main channel for the country to strike balance between oil demand and supply by tapping full potential of the domestic oil and gas production with the help of the advanced extraction technologies, the president said.
The "going outside" strategy, which encourages domestic oil companies to expand international cooperation and take larger shares in the world oil markets, has proven to be a vital supplement increasing oil demand. It has reduced to some extent the reliance on oil imports, Tan said.
China has by now signed oil cooperation contracts with 19 countries and has done a very good job in developing oilfields overseas, Tan said.
The country is working to develop alternative energy resources, particularly the gas development and utilization, he said. Only 10 percent of the country's verified gas reserves has been tapped and a peak period will come for expanding the verified gas reserves.
Meanwhile, China is exerting itself to become more energy efficient to catch up with the advanced nations, Tan noted. The rise in world oil price will stimulate the world and the country to explore new ways and technologies in developing energy resources.
(Xiinhua News Agency March 29, 2005)
|
