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Gas to fuel 30% jump in energy production
By Richard Fu |
November 25, 2011, Friday
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Print Edition
Print Edition
CHINA'S annual production of oil and gas may jump nearly 30 percent by 2015, with gas being the main growth driver, the Ministry of Land and Resources said yesterday.
Production may rise from 280 million tons of oil equivalent last year to 360 million tons by 2015, or 7.3 million barrels a day, according to Peng Qiming, director of the ministry's geological survey department.
China, which relies on imports for more than half of its oil and gas needs, is spending more on hydrocarbon exploration at home as well as securing energy supplies internationally to fuel its economic growth.
Production for gas, the cleaner-burning fuel, may surge to almost 300 billion cubic meters by 2030, up from 94.2 billion cubic meters in 2010, according to Peng, thanks to expansion in the Odors, Tarim and Sichuan basins and increasing deepwater exploration efforts in the South China Sea.
In a Wednesday report, Barclays Capital said China's oil demand will jump 45 percent from 2010's level to 13.6 million barrels a day by 2015, "significantly higher" than the consensus expectations of the International Energy Agency, the United States Energy Information Administration and the OPEC secretariat.
Barclays Capital cited strong automobile sales, urbanization, a surge in commercial freight traffic prompted by rising internal trade, as well as the orientation toward energy-intensive industries for the rise.
"That industrialization and rising income level have driven a steady increase in per capita energy demand in China is not news, but the sheer scale of that rise is startling," Barclays analyst Miswin Mahesh said in the report.
Longer term, China's oil and gas production may hit 410 million tons by 2020 and 450 million tons by 2030, according to Peng.
Production may rise from 280 million tons of oil equivalent last year to 360 million tons by 2015, or 7.3 million barrels a day, according to Peng Qiming, director of the ministry's geological survey department.
China, which relies on imports for more than half of its oil and gas needs, is spending more on hydrocarbon exploration at home as well as securing energy supplies internationally to fuel its economic growth.
Production for gas, the cleaner-burning fuel, may surge to almost 300 billion cubic meters by 2030, up from 94.2 billion cubic meters in 2010, according to Peng, thanks to expansion in the Odors, Tarim and Sichuan basins and increasing deepwater exploration efforts in the South China Sea.
In a Wednesday report, Barclays Capital said China's oil demand will jump 45 percent from 2010's level to 13.6 million barrels a day by 2015, "significantly higher" than the consensus expectations of the International Energy Agency, the United States Energy Information Administration and the OPEC secretariat.
Barclays Capital cited strong automobile sales, urbanization, a surge in commercial freight traffic prompted by rising internal trade, as well as the orientation toward energy-intensive industries for the rise.
"That industrialization and rising income level have driven a steady increase in per capita energy demand in China is not news, but the sheer scale of that rise is startling," Barclays analyst Miswin Mahesh said in the report.
Longer term, China's oil and gas production may hit 410 million tons by 2020 and 450 million tons by 2030, according to Peng.
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