30 May 2007

China 60% dependant on o/s oil in 2020

Since early this year, the new wave of petroleum development has been driving the economic development. The momentum not only comes from the large Nanbao oilfield in Chaofeidian, Tangshan City, Hebei Province but also the Puguang oilfield in Yihan County, Dazhou City, northeast Sichuan Province.

Puguang oilfield, located northeast to Chongqing City, is a large field of natural gas in the marine strata. According to the geological classification, marine strata is caused by consolidation of marine environment. Continental strata is caused by consolidation of continental environment, such as river, lake and marshes. In the 9.6 million square kilometres national territory, the area of marine strata covers 4.5 million square kilometres.

Puguang oilfield is the first discovered natural gas field of marine strata. According to the Department of National Land and Resources, its capacity reaches nearly 360 billion cubic metres. It is the biggest natural gas field of marine strata… …

The discovery and development of the Puguang oilfield will bring a lot of business opportunities to the Chengdu-Chongqing economic region. The industries of manufacturing machines, telecommunication, logistics, infrastructure and services related to the oilfield construction will benefit from it… …

The discovery of Nanbao and Puguang oilfields make many people be optimistic about the supply of oil. But it is not true. One of the reasons is that investment in fixed asset and automobile demand a huge amount of oil. In recent years, the supply is still tight. Another reason is that the waste of energy is enormous. Last year, China failed to meet the indicator of saving energy (4%).

In the coming 3 or more years, China will keep importing energy. The first season of this year, there is the first net import of coal with the amount as high as 3 million tons. China is the sixth biggest country of consuming oil with net import of gas products including crude oil, oil shale and natural gas for many years. Last year, the total consumption of crude oil is 320 million tons, 180 million from domestic production and 140 million from import. The ratio of dependence on foreign import is 44%, near the alert line. It is estimated that it will reach 60% in 2020.

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