{"id":13891,"title":"Chinas oil and gas exploration investment up 12.6 percent","publisher":"Share Talk","author":"sharetalk","published":"2017-08-23T16:38:42+00:00","modified":"2017-11-02T19:55:52+00:00","canonical_url":"https://www.share-talk.com/chinas-oil-and-gas-exploration-investment-up-12-6-percent/","markdown_url":"https://www.share-talk.com/chinas-oil-and-gas-exploration-investment-up-12-6-percent.md","json_url":"https://www.share-talk.com/chinas-oil-and-gas-exploration-investment-up-12-6-percent.json","category":"Energy","categories":["Energy"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":" \n\nChina’s oil and natural gas exploration investment rose 12.6 percent during 2012-2016 period when compared with the previous five years, the Ministry of Land and Resources (MLR) said Tuesday.\n\nWith the stable investment increase during the past five years, China saw continuous growth in oil reserves, according to Yu Haifeng, a MLR official. China has discovered more than 10 100-million-ton oil fields so far.\n\nThe country is a major importer of crude oil. CNPC Economics and Technology Research Institute estimated China’s reliance on oil imports exceeded 65 percent in 2016.\n\nChina 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 the five-year plan released by the National Development and Reform Commission and the National Energy Administration in January this year.\n\nOfficial data showed China’s crude oil output totaled 181.21 million tonnes in the first 11 months of 2016 while natural gas output came in at 121.1 billion cubic meters.\n\nWhile China is promoting exploration to ensure domestic oil supplies, its primary energy consumption is becoming cleaner, the CNPC Economics and Technology Research Institute said Wednesday.\n\nBy 2030, clean energy such as natural gas and non-petrochemical energy will dominate the country’s newly added energy supply, according to this year’s edition of “World and China Energy Outlook 2050” issued by the institute."}