Steady increase in crude oil output
(Xinhua)
Updated: 2006-05-24 14:27
China will see a steady increase in its oil production during the 11th Five
Year Program (2006-2010), with the output of crude oil estimated to be
between 185 and 195 million tons.
The rising momentum will continue till
2020 but China's petroleum consumption will also continue to rise as a result of
rising production demand and consumption will hover around 330 million tons and
350 million tons by the late 11th five-year-plan period, said Pan Derun, deputy
chairman of the China Petroleum and Chemical Industry Association.
According to Pan, the country has discovered 800 million tons and 900
million tons of newly found oil reserves annually since 1984 thanks to
continuous technical progress in prospecting.
There are now 576
oilfields across the Chinese territory, with 11,300 km of oil pipelines being
built. The country produced 182 million tons of crude oil last year.
And the nation imported 126 million tons of crude oil and 31.43 million tons
of processed oil in the past year.
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