Oil well in Qaidam Basin, Qinghai Province, China

China will invest 80 billion yuan ($13 billion) in oil and gas exploration this year, state media said.

The country’s dependence on oil imports stood at 58% in 2012. In an effort to reduce dependence on energy imports, China’s investment in oil and gas exploration jumped from 22.1 billion yuan ($3.6 billion) in 2002 to 80 billion yuan ($13 billion) this year.

In the first six months of 2013, China produced 102.89 million tons of crude oil and 58.8 billion cubic meters of natural gas, up 4.6% and 9% respectively, both hitting record highs, according to the Ministry of Land and Resources.

Xinhua News Agency said that some 5.01 billion tons of petroleum reserves and 2.6 trillion cubic meters of natural gas were discovered between 2008 and 2011.

New petroleum reserves have been discovered in Junggar Basin, Bohai Bay Basin and Kenli County of the Yellow River Delta; new natural gas reserves have been discovered in the Anyue Gas Field located in Sichuan Basin.

China has also made technological breakthrough in unconventional oil and gas exploration, such as the tight oil reserves in Xinjiang Uyghur Autonomous Region and Heilongjiang province, the Ministry of Land and Resources said.


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