By an OGJ Online Correspondent
BEIJING, June 26 -- China this week released a comprehensive oil and gas development plan for 2001-05.
China plans to produce 170 million tons/year of crude oil and 50 billion cu m/year of natural gas by 2005, up from 162 million tons and 25 billion cu m, respectively, in 2000. To achieve this target, China must continue finding new reserves.
The government will also encourage Chinese oil companies to explore and develop oil and gas reserves overseas, focusing on Russia, Kazakhstan, Turkmenistan, Iran, Iraq, Sudan, Venezuela, and Indonesia.
China plans to transport 15 million-25 million tonnes/year of equity oil from its oil fields outside the country back to China by 2005.
The plan also calls for China to establish oil reserves to safeguard national energy security and cushion price swings. According to the plan, China will build 8 million cu m of oil storage facilities to store national crude reserves by 2005.
Under the plan, refineries will also establish corporate reserves to ensure stable refining operations.
In addition, the government will build underground gas storage facilities of up to 1.14 billion cu m during the period.