Trade Resources Industry Views China Sets Oil, Gas Supply Targets by 2020

China Sets Oil, Gas Supply Targets by 2020

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Tags: Oil, Gas

China aims to increase domestic crude oil output to 200 million tonnes by 2020, while supply capacity for natural gas should exceed 360 billion cubic meters, according to plans published Thursday.

China will add 1 billion tonnes of proven oil reserves annually from 2016 to 2020, according to the five-year plan released by the National Development and Reform Commission and the National Energy Administration.

Major tasks for the oil industry include accelerating exploration to ensure domestic oil supply, speeding up construction of pipeline networks and developing clean alternatives.

In a separate five-year plan for natural gas supply, authorities said the country's proven reserves of natural gas will reach 16 trillion cubic meters by 2020.

Proved reserves of shale gas will surpass 1.5 trillion cubic meters, the plan said.

Official data showed China's crude oil output totaled 181.21 million tonnes in the first 11 months of 2016, a year-on-year drop of 7.2 percent, while natural gas output came in at 121.1 billion cubic meters. Imports of natural gas saw an increase of 16.5 percent to 63.4 billion cubic meters during the period.

China is a major importer of crude oil. A recent report by CNPC Economics and Technology Research Institute estimates China's reliance on oil imports exceeded 65 percent in 2016.

Source: Xinhua
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China Sets Oil, Gas Supply Targets by 2020
Topics: Metallurgy