China to Produce 40 Mln Tons of Oil, Gas Equivalent by 2005China expects to see an annual average increase of 20 percent in offshore oil and gas production from 2001 to 2005, as it launches a massive development drive to produce oil and gas equivalent to 40 million tons of oil by the year 2005.According to Wei Liucheng, president of the China National Offshore Oil Corporation, China will give priority to developing oil in the Bohai Sea and natural gas in the East China Sea. The Penglai 19-3 Oilfield in the Bohai Sea, which has verified geological oil reserves totaling 600 million tons, will be put into operation by 2004, with annual oil production capacity forecast at 15 million tons. The Xihu Depression in the basin of the East China Sea is particularly rich in natural gas resources, with proven and probable gas reserves topping 150 billion cubic meters. Experts expect the total gas resources in the depression to hit one to two trillion cubic meters. According to Wei, a group of rich oil and gas bearing structures have been discovered in areas of the Bohai Sea, East China Sea, and South China Sea, providing opportunities for the country to launch large-scale oil and gas development in the 21st century. |
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