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The discovery of new oil and gas fields occurs after investments of more than 450 billion yuan and reinforces the Chinese strategy to increase reserves, maintain stable production, and reduce vulnerabilities in the face of shocks in the global energy market.
China announced the discovery of 225 new fields of oil and gas in its territory over the past five years, in a move presented by Beijing authorities as a reinforcement of the country’s energy security. The information was released this Thursday (30), amid a scenario of energy scarcity and rising costs worldwide.
New fields expand oil and gas reserves
Among the identified locations, there are 13 oil fields with more than 100 million tons and 26 gas fields with reserves exceeding 100 billion cubic meters. The data was released by the Ministry of Natural Resources of China.
The Chinese government did not detail how much of this new abundance of fossil fuels is currently available. Still, it informed that natural gas production can grow year by year, while oil production remains stable at 200 million tons per year.
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Billion-dollar investment nearly doubles known reserves
Chinese authorities promised to “safeguard energy security” and maintain oil and gas exploration. The Ministry stated that it invested more than 450 billion yuan, equivalent to US$ 66 billion, to nearly double the known reserves of crude oil and natural gas compared to a decade ago.
The discovery of the new fields reinforces the policy of expanding internal reserves. The initiative occurs at a time of global attention to energy supply and the costs associated with fuel production and transport.
China seeks to reduce risks in the face of external shocks
The announcement comes after the closure of the Strait of Hormuz, a point considered crucial for the transport of a large part of the world’s oil, causing a global shock in the energy market. China is the world’s largest energy importer and imports about 10% of its oil from Iran.
Even exposed to external shocks, the country has performed better than most major economies, supported by a long-standing program of energy self-sufficiency. Xi Jinping called this week for measures to face external shocks, strengthen the supply of energy and resources, and deal with uncertainties through high-quality development.
With information from CNN BRASIL
