China says steady output, no reserve filling soon

Bejing – China is capable of turning out 180 million tons of crude oil yearly in the next 20 years and enjoys a huge potential to developing new domestic oil and gas resources, a senior government official said here.

The prediction is based on the third general survey of national oil and gas resources by the National Development and Reform Commission (NDRC) recently, said Zhang Guobao, vice chairman of the NDRC, at a press conference held by the State Council Information Office. “The outcome of evaluation on the oil and gas resources was better than former data,” said Zhang. According to Zhang, China has a large potential to develop new oil and gas sources, especially natural gas, which is still in the initial development stage.

Asia Times