With 1.3 billion people and an economy growing at a phenomenal rate of 8 to 10 percent a year, China is becoming increasingly dependent on imported oil. By 2030, China is expected to import as much oil as the U.S. does today.
China’s Ministry of Land and Resources geological exploration department head Peng Qiming said recently during a press conference that China’s combined oil and natural gas output, 280 million tons in 2010, is projected to rise to 360 million tons of oil equivalent by 2015, and to 450 million tons by 2030.
Beijing authorities are embracing a controversial natural gas production technique called hydraulic fracturing, and China has started drilling to meet an ambitious annual production target of 80 billion cubic meters by 2020.
China is increasing oil production abroad and at home, improving energy efficiency, expanding renewable and nuclear power, and building a US-style strategic petroleum reserve that is planned to total 85 million tonnes, equivalent to 90 days of oil imports, by 2020.
Here are details of some of the onshore and offshore oilfields that China is developing to meet its growing demand.
Global Energy Dialogue Publication studied China's 792 main Onshore Oilfields (and Gasfields with Commercialized Condensate), which have been discovered in 28 oil-bearing basins including Hailar Basin, Songliao Basin, Meihekou Basin, Liaohe Basin, Kailu Basin, Eren Basin, Bohai Bay Basin, Qaidam Basin, Nanxiang Basin, Jianghan Basin, Jiuxi Basin, Jiudong Basin, Tuha Basin, Santanghu Basin, Tarim Basin, Junggar Basin, Yanqi Basin, Baise Basin, Subei Basin, Sanshui Basin, Ordos Basin, Jinggu Basin, Sichuan Basin, West Taiwan Basin, South Taiwan Basin, Lunpola Basin and Beibu Gulf Basin.
These oil fields are mainly explored and operated by E&P subsidiaries of PetroChina and Sinopec. Shaanxi Yanchang Petroleum Group, China's 3rd largest onshore oil producer, is operating part of Ordos basin oilfields in Shaanxi province. There are also a few foreign invested E&P joint ventures.
China's 208 Offshore Oilfields (and Gasfields with Commercialized Condensate) have been found in Bohai Bay Basin, East China Sea Basin, West Taiwan Basin, South Taiwan Basin, Pearl River Mouth Basin, Beibu Gulf Basin, South Hainan Basin and Yinge Sea Basin. These oil fields are mainly explored and operated by CNOOC E&P subsidiaries. Besides, PetroChina's Liaohe Oilfield, Jidong Oilfield, Dagang Oilfield and Sinopec's Shengli Oilfield are developing offshore oilfields within their territories alongside the Rim of Bohai Bay. A domestic joint venture, Shanghai Oil and Gas Company, is currently the only producer of East China Sea oil and gas. There are also a few foreign invested E&P joint ventures in Bohai Sea and South China Sea.