Posted on 09/15/2013 4:23:55 AM PDT by TexGrill
China's investment in exploration of oil and gas resources is expected to stand at 80 billion yuan (13.07 billion U.S. dollars) in 2013, according to the Ministry of Land and Resources.
Such investment has risen steadily in China over the past years as the country moves to reduce dependence on imports and ensure security of energy supply.
The ministry figures show that money spent on exploration of oil and gas fields rose from 19.0 billion yuan in 2002 to 67.3 billion yuan in 2011.
In the 2008-2011 period, some 5.01 billion tonnes of petroleum reserves and 2.6 trillion cubic meters of natural gas were discovered.
(Excerpt) Read more at english.cri.cn ...
According to other articles their attempt to jump start their shale gas exploration has failed. They have more shale gas reserves than we do but US companies dominate the know how and they’re all busy drilling in the US.
Chinese oil companies still haven’t asked US oil companies to help out with shale drilling in China. It may take a few years before they do. First they will try to do it on their own and fail miserably and when they figure out to ask Americans for help, it will occur after Beijing writes another 5-year plan in 2018. There’s some unwritten rule in China that SOEs must wait for a CCP 5-year plan before they get permission to take any initiative.
China will get their oil and then sell it to the U.S. since odumbo doesn’t want us drilling and producing our own gas here. Nothing like over balancing the balance of trade in China’s favor.
No thanx, Omar ... don't need none.
Hess has agreed to assist China in exploring for shale oil.
http://m.upi.com/story/UPI-78331374760274/?fms=1
“One thing China is looking at is tremendously expanding the coal-to-liquid (CTL) production process using the Fischer-Tropsch process (or its modern equivalent). China has large reserves of coal and a large-scale CTL operation could mean China will be lot less dependent on having to import oil from the Middle East.”
Yep, China does indeed have large coal reserves. Sadly, over half of their coal mines are on fire. Many have been burning for years even decades with no hope of being out burning further and further into the reserves.
That’s good news
China to Invest 80 Bln Yuan in Exploring Oil, Gas This Year
What's that in gold, or bitcoins?
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