Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » China ‘to spend $13bn on exploration’ in 2013

    China ‘to spend $13bn on exploration’ in 2013

    September 16, 2013
    Share
    Facebook Twitter LinkedIn WhatsApp

    Oil rigs16 September 2013, News Wires – China plans to spend around 80 billion yuan ($13.07 billion) exploring oil and gas exploration this year in a quest to bolster energy supplies and reduce dependence on imports, according to state media reports.

    The Asian behemoth – the world’s largest energy consumer – has steadily increased its expenditures on oil and gas exploration in the past decade or so. China invested 67.3 billion yuan in 2011, up from 19 billion yuan in 2002, Xinhua news agency reported, citing figures from the Ministry of Land & Resources.

    That led to discoveries of more than 5 billion tonnes (36.75 billion barrels) in oil reserves and 2.6 trillion cubic metres in natural gas reserves between 2008 and 2011, Xinhua said.

    However, China imported around 58% of its oil and 30% of its natural gas in 2012, Xinhua quoted a report by China National Petroleum Corporation’s Economics & Technology Research Institute as saying.

    Some analysts expect China to overtake the US to become the world’s biggest oil importer by 2017. Much of it comes from the Middle East and Africa. Most of its imported gas comes via pipeline from from Central Asia, and by ship from places like Australia, Indonesia and Qatar.

    – Upstream

    Related News

    Angola’s Block 17 partners sign license extension

    Tinubu pardons Ken Saro-Wiwa, confers national honours on Ogoni Nine

    NCDMB Executive Secretary becomes member of APPO Board

    E-book
    Resilience Exhibition

    Latest News

    LASG approves seven dedicated truck parks for Lekki Port axis

    June 13, 2025

    NCDMB Executive Secretary joins AEW 2025 amid focus on enhancing local capacity

    June 13, 2025

    AfDB to provide $184.1m for Africa’s largest solar energy and battery storage project

    June 13, 2025

    NSC seeks closer collaboration with Police to boost port enforcement

    June 13, 2025

    Can the African Energy Bank transform the continent’s refining and downstream future?

    June 13, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.