By Xenix News
Thank you for reading this post, don't forget to subscribe!Chinese leader Xi Jinping addresses a gathering at the Great Hall of the People in Beijing, China on April 15. Iori Sagisawa/Pool/Getty Images
Over the last five years, China has discovered 225 new oil and gas fields within its territory, Beijing officials stated Thursday, which could serve as a potential advantage amid global energy shortages and rising costs.
The Natural Resources Ministry reported that among the recently found locations are 13 oil fields containing over 100 million tons and 26 gas fields with reserves surpassing 100 billion cubic meters.
While it did not detail the exact volume of that fossil-fuel wealth currently accessible, it mentioned that the nation’s natural gas output might rise annually and that oil production remained stable at 200 million tons annually, “attributable to the notable rise in newly identified energy reserves.”
Officials pledged to “firmly protect our energy security” and continue with oil and gas exploration.
The ministry stated it has spent more than 450 billion yuan ($66 billion) to nearly double China’s recognized crude oil and natural gas reserves compared to ten years ago.
The action is taken due to the near total blockade of the Strait of Hormuz, an essential passage for transporting a significant portion of the world’s oil, resulting in a worldwide energy crisis.
China is the largest energy importer globally. It imports nearly 10% of its oil from Iran and therefore is not shielded from the impacts. However, it is currently performing better than most major economies due to a sustained push for energy independence.
This week, Chinese leader Xi Jinping urged officials to “systematically tackle the challenges from external shocks, improve the security of energy and resource supplies, and combat various uncertainties through the certainty of high-quality development.”
About the Author
