USD 63.2257

-0.34

EUR 70.4271

-0.03

BRENT 64.64

+0.16

AI-92 42.39

-0.01

AI-95 46.08

0

AI-98 51.07

0

Diesel 47.99

0

24

China 2000-2005: Stable Growth in Oil&Gas

China has experienced a stable growth in its domestic oil and gas supplies over the last five years

China has experienced a stable growth in its domestic oil and gas supplies over the last five years, according to the National Development and Reform Commission.

Statistics show that China's crude oil output increased from 165 million tons in 2000 to 183 million tons in 2005, and the output of natural gas rose from 27 billion cubic meters to 47.5 billion cubic meters.

Oil fields capable of producing high yields were discovered in west China including Xinjiang Uygur Autonomous Region, Ningxia HuiAutonomous Region, and Qinghai, Gansu and Shaanxi provinces, and in offshore China's Bohai Bay.

Between 2000 and 2005, six large-scale natural gas zones were discovered in the Tarim, Ordos, Sichuan and Qaidam basins, in the South China Sea and in the East China Sea.

Petroleum and natural gas began to play bigger roles in China's energy consumption structure.

In 2000, 16.6 percent of China's energy demand was met by petroleum, in 2005 it was 22.7 percent. Consumption of natural gasrose from 2.1 percent in 2000 to 2.6 percent in 2005.

China strengthened infrastructure during this period to support the soaring oil and gas demand of the country.

Between 2000 and 2005, China amended relevant regulations for closer cooperation with foreign partners.

By the end of 2005, China had signed a total of more than 200 contracts with foreign petroleum partners, attracting foreign capital of over 9.3 billion U.S. dollars and boasting contracted acreage of over 1.05 million square kilometers