Beijing — China expects to add 1.2 billion tonnes to its proved petroleum reserves in 2019, 25% more than was added in 2018, the official Xinhua news agency said, citing an industry conference.
The country also expects to add new natural gas reserves of 1.4 trillion cubic metres, 68% more than it added last year.
Crude oil production is seen reaching 191 million tonnes, according to XinhuaChina will accelerate ocean and deep water oil and gas exploration in 2020, it added, after investment in upstream exploration and developments was seen reaching 332.1 billion yuan ($47.18 billion) this year.
Crude output in China rose 1.0% to 174.95 million tonnes in the first 11 months of the year, the National Bureau of Statistics said on Monday, while natural gas output also jumped robustly to 157.5 billion cubic meters in Jan-Nov period. ($1 = 7.0389 Chinese yuan renminbi).
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– Reuters
