Oil and gas search may hit US$13b
Print Edition
China is expected to spend a total of 80 billion yuan (US$13 billion) in oil and gas exploration this year in order to ensure future supply, the Ministry of Land and Resources said yesterday.
The ministry didn’t give a year-earlier figure for comparison but said the planned exploration spending for 2013 will ensure the growth in reserves stays at a “peak” pace.
China has maintained output at some aging onshore fields, such as the giant Daqing field in northeast Heilongjiang Province. It has also been commissioning new fields offshore and making breakthrough elsewhere from the Xinjiang region to Guangdong Province.
In the first half of the year, crude oil output rose 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 momentum is set to continue for the full year as the ministry attributes the growth to stable output at aging northeast oil fields, fast expansion in oil fields in the west, and the resumption of some oil and gas fields offshore.
The Penglai 19-3 field, China’s largest offshore oil field operated by ConocoPhillips, resumed output in February after a spill in 2011 caused a suspension.
The ministry said a shale gas well in the Changning block in Sichuan Province has become the first commercial shale gas after it met high flow rate.
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