China likely to spend $13B in Oil and Gas exploration in 2013

China’s Ministry of Land and Resources indicated that Asia’s largest oil consumer is likely to spend $13.07 billion (RMB 80 billion) in oil and gas exploration in 2013 as it seeks to reduce imports as part of a plan to boost energy security, local news agency Xinhua reported on September 15th.

Figures from the ministry showed that oil and gas exploration investment rose to $11 billion (RMB 67.3 billion) in 2011 from $3.1 billion (RMB 19 billion) in 2002, leading to the discovery of some 5.01 billion tons of petroleum reserves and 91.8 trillion cubic feet (2.6 trillion cubic meters) of natural gas between 2008 and 2011.

Oil and natural gas imports stood at 58 percent and 30 percent of China’s consumption in 2012, Xinhua reported quoting data from China National Petroleum Corporation’s Economics and Technology Research Institute. China consumed 10.22 million barrels of oil per day in 2012, 5 percent higher than the previous year, according to the BP Statistical Review of World Energy 2013, while natural gas demand rose 9.9 percent to 143.8 billion cubic feet in the corresponding period.

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