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China’s oil-gas exploration may top 80b yuan in 2013
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China’s total spending on oil and gas exploration may reach 80 billion yuan (US$13.1 billion) this year as the country tries to secure future supply, the Ministry of Land and Resources said today.
The ministry didn’t give a year-earlier figure for comparison but said this year’s budget will keep reserve growth at a fast pace.
In the first half, China’s crude oil production increased 4.6 percent from a year earlier to 102.89 million tons while natural gas output jumped 9 percent to 58.8 billion cubic meters, both at record highs.
The trend is expected to continue for the whole year, the ministry said.
It attributes the growth to stable output at aging oilfields in the east, fast development of oilfields in the west, and the resumption of some offshore oil and gas fields.
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