Business | Oil & Gas
China's gas production could triple by 2030
China said annual natural gas output may triple to 250 billion cubic metres by 2030 as the world's second-biggest energy consumer intensifies petroleum exploration to meet its fuel needs.
- Bloomberg
- Published: 23:32 August 19, 2008
Beijing: China said annual natural gas output may triple to 250 billion cubic metres by 2030 as the world's second-biggest energy consumer intensifies petroleum exploration to meet its fuel needs.
Oil production may remain at 200 million metric tonnes a year by 2030, the Ministry of Land and Resources said in a statement on its website.
China has recoverable oil reserves of 21.2 billion tonnes and gas deposits of 22 trillion cubic meters, the ministry said.
Chinese oil and gas companies are boosting their output capacities to benefit from the world's fastest-growing major economy, which expanded by 10.1 per cent in the second quarter. Oil demand may increase 5.7 per cent next year, the International Energy Agency said in a report on August 12.
"The assessment shows China's oil production will grow stably while natural gas output increase will be at a faster pace," the ministry said in the statement on Tuesday.
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