China to see steady increase in crude oil output
Updated: 2006-05-24 14:34 China will see a steady increase in its oil
production during the 11th five-year-plan period (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
And the nation imported 126 million tons of crude oil and 31.43 million tons
of processed oil in the past year.