China finds 7.5 billion barrel oilfield
May 8, 2007
Analysts say that once production begins, the oil field will likely pump out 180,000 to 200,000 barrels per day, or an amount about equal to the growth of China's foreign oil imports last year.
In 2006, China's total oil consumption reached 7.4 million barrels per day, while growth in domestic production rose less than 2 percent to 3.7 million barrels per day. The International Energy Agency forecasts demand for oil in China this year will rise 6.8% to 7.6 million barrels per day and that by 2030 Chinese oil imports will equal current imports by the U.S.
Chart showing China's oil consumption, 1980-2006
China's growing use of oil will increase its carbon dioxide emissions -- the International Energy Agency expects China to overtake the United States in CO2 emissions this year or in 2008. The country lobbied against lower emissions targets in recent climate negotiations, arguing that such limitations would restrict its economic growth.
Above image and the following table are courtesy of the U.S. Energy Information Adminsitration (EIA)
|Major Chinese Oil Fields by Production, January 2006|
|China National Petroleum Corporation (CNPC)/PetroChina|
|China Petroleum and Chemical Corporation (Sinopec)|
|China National Offshore Oil Corporation (CNOOC)|
|Source: Oil & Gas Journal|
News options Liquid error: Template not found languages/english/includes/x/_20.liquid