China’s gas output may hit 150 bln cubic meters by 2020
Natural gas output may reach 150 billion cubic meters by 2020, almost triple the current annual production, forecasted Qiu Zhongjian, an academician at the Chinese of Engineering in a forum held by the China National Committee of World Petroleum Council.
The natural gas production will keep growing, as China’s largest oil and gas producer PetroChina makes great achievement in exploration. About 58.6 billion cubic meters of gas has been extracted in China last year, and PetroChina accounted for 70%-80% of it.
PetroChina plans to explore 100 billion cubic meters of natural gas at Songliao, where two of the company’s most important oilfields, Daqiing and Jilin, are located. The gas reserve in Guangan, a city in western China’s Sichuan province, may have 1 trillion cubic meters of natural gas, said the company’s vice president Jia Chengzhao at the forum.
It also made its largest gas discovery with reserves of 170 billion cubic meters in Xinjiang Uygur Autonomous Region. The long-term resource volume is confirmed to be up to 500 billion cubic meters.
The company’s oil output is also stable at around 107 million tons this year, as the company’s Nanpu Oilfields is estimated to have reserves of 2 billion tons of oil equivalent in around 5 years and Bohai Bay may have 1.18 billion tons of oil equivalents, which are already certified by Ministry of Land and Resources last week.
Qiu estimated that extractable oil and gas reserves in China would reach 21.2 billion tons and 22 trillion cubic meters respectively.
Tags: Gas, oil, output, PetroChina, Petroleum