Oil and gas production expected to double in 2030
Source: www.mlr.gov.cn Citation: www.gtzyb.com Date: Jan. 9, 2014
On January 8, the Ministry of Land and Resources held the press conference of Xinjiang oil and gas resources evaluation, releasing national oil and gas resource dynamic evaluation results in 2012. The released figures show that it was feasible to construct trillion-ton-scale oil and gas production bases in Xinjiang. By 2030, the oil and gas production in China would double.
From 2012 to 2013, commissioned by the Ministry of Land and Resources, the Strategic Research Center of Oil & Gas organized the relevant departments to conduct the dynamic evaluation of Xinjiang oil and gas resources. According to the results, Xinjiang enjoyed 22.8 billion tons of petroleum resources, accounting for 22% of the total in China. Compared with the evaluation results in 2007, there was an increase of 7.7 billion tons. Gas resources in Xinjiang amounted to 17.5 trillion cubic meters, accounting for 28% of the country. Compared to the evaluation results in 2007, there was an increase of 7.6 trillion cubic meters. Coalbed Methane resource reached 9 trillion cubic meters and oil shale resources 6.1 billion tons. According to the preliminary evaluation in Junggar JiMuSaEr, a dense oil resource there was 7.5 billion tons.
In recent years, Xinjiang oil and gas exploration and development has entered the phase of rapid growth. From 2000 to 2012, average annual detected oil reserves were 220 million tons and gas reserves 120 billion cubic meters. Oil production increased by 50% from 18 million to 27 million tons and gas production rose from 3.5 billion to 25 billion cubic meters, 7 times that in the previous years. It is predicted that by 2030, the annual detectable oil reserves in Xinjiang would reach 250 million tons with an increase of 4.5 billion tons. Oil production has been rising steadily and can reach 40 million tons by 2030. Detected gas reserves will continue to maintain a high level, annual average attaining to 160 billion cubic meters of a total of nearly 3 trillion cubic meters. Gas production continues to grow and is expected to reach 70 billion cubic meters in 2030. In accordance with the present resources, trillion-ton-scale oil and gas production bases would be established in Xinjiang by 2030.
The evaluation results of Shengli exploration area in Bohai Bay Basin indicated that the petroleum resources attained 10.4 billion tons, increased by 25% from 8.3 billion tons in 2007.
The spokesman from Department of Mineral Resources Reserves, Ministry of Land and Resources, said at a news conference summary of oil and gas resources dynamic evaluation results in Xinjiang and Shengli exploration area could renew our understanding of oil and gas resource potential and
development tendency in our country. The national oil and gas resource potential is considerable and oil and gas production is expected to double by 2030, close to 700 million tons. About the resource potential, the national petroleum resources are likely to exceed one hundred billion tons to 103.7 billion tons, 36% up from 2007. Gas resources will reach 62 trillion cubic meters increasing by 77% from 2007. As to the development tendency, China`s oil production was 207 million tons in 2012, gas 107.2 billion cubic meters, their equivalent nearly 300 million tons. It is estimated that before 2030, oil production will grow steadily, total detectable reserves amounting to 22 billion tons. The annual output will be more than 200 million tons with a peak value of up to 250 million tons. Gas reserves and production will rise rapidly, total detectable reserves attaining to 12 trillion cubic meters. With an annual growth of 10 billion cubic meters, its output will increase to 300 billion cubic meters in 2030. If unconventional oil and gas production reach 50 million tons and 150 billion cubic meters respectively, the equivalent will approach 700 million tons in 2030.
The national oil and gas resources dynamic evaluation results also show that the oil and gas exploration and development in our country manifest three features. First, the oil and gas resource replacement in West China is in good condition. Oil and gas production is expected to exceed 400 million tons by 2030, able to replace the east. Second, gas will present a rapid development momentum, a “duopoly” of oil and gas will be formed around 2025. Third, the proportion of unconventional oil and gas such as shale gas, coal-bed methane, dense oil, will gradually increase to 1/3 of the total by 2030. (Yu Defu ) (Translated by TLRHVC)
About CHINA MINING
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.
CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on October 20-23, 2014. We invite you to join the event and to celebrate the 16th anniversary of CHINA MINING with us. For more information about CHINA MINING 2014, please visit: m.balanzskin.com.
