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Thursday, January 19, 2017, 20:37

China sets oil, gas supply targets by 2020

By Xinhua

China sets oil, gas supply targets by 2020
A worker takes a break beneath the natural gas storage tanks at an exploration site in the Longgang gas field in Lishan, in southwest China's Sichuan province, May 17, 2007. (AFP PHOTO/LIU Jin)

BEIJING - China aims to increase domestic crude oil output to 200 million tons by 2020, while supply capacity for natural gas should exceed 360 billion cubic meters, according to plans published Thursday.

Major tasks for the oil industry include accelerating exploration to ensure domestic oil supply, speeding up construction of pipeline networks and developing clean alternatives

China will add 1 billion tons of proven oil reserves annually from 2016 to 2020, according to the five-year plan released by the National Development and Reform Commission and the National Energy Administration.

READ MORE: China sets targets for local renewable energy use

Major tasks for the oil industry include accelerating exploration to ensure domestic oil supply, speeding up construction of pipeline networks and developing clean alternatives.

In a separate five-year plan for natural gas supply, authorities said the country's proven reserves of natural gas will reach 16 trillion cubic meters by 2020.

Proved reserves of shale gas will surpass 1.5 trillion cubic meters, the plan said.

Official data showed China's crude oil output totaled 181.21 million tons in the first 11 months of 2016, a year-on-year drop of 7.2 percent, while natural gas output came in at 121.1 billion cubic meters. Imports of natural gas saw an increase of 16.5 percent to 63.4 billion cubic meters during the period.

China is a major importer of crude oil . A recent report by CNPC Economics and Technology Research Institute estimates China's reliance on oil imports exceeded 65 percent in 2016.

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