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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (19524)	12/25/2004 1:10:53 PM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

China basin 'holds 21bn tonnes of oil reserves' BEIJING: Exploration teams believe the Bohai Bay Basin in northern China may hold 20.5 billion tonnes of oil reserves, enough to sustain the country's energy needs for a "considerable" time, state Press said yesterday. So far, 9bn tonnes have been proven with the remaining 11.5bn still needing to be further explored, the China Daily reported. Bohai is one of China's major oil-producing centres and the find comes as China is trying to build up its domestic oil reserves as part of measures to cope with rising global oil prices and possible fuel shortages. Jin Zhijun, president of the Exploration and Production Research Institute of oil giant Sinopec, said the finding "could potentially sustain the country's energy needs for a considerably long time". China, the world's second-largest oil consumer after the United States, has been a net importer of oil since 1993 as domestic supplies have failed to keep up with soaring demand. It currently relies on imports to meet more than one-third of its crude oil demand with the International Energy Agency (IEA) forecasting that China's total oil consumption was expected to reach 308 million tonnes this year. According to Jin, there are plenty of potential domestic reserves still to be found, identifying the East China Sea, South China Sea and Yellow Sea as containing rich resources. He also said China's western inland areas had potential with the Tarim Basin of northwest Xinjiang region possibly holding more than 20bn tonnes of oil. Despite Jin's positive outlook, China is not expected to have a 90-day strategic oil streserve until 2015, the National Development and Reform Commission said earlier this year. With the economy booming and energy demands to fuel it surging, Premier Wen Jiabao has called for promoting the sustainable use of oil and gas resources to maintain long-term, stable development. China is also increasingly looking to alternative ways to keep pace with demand, developing new or renewable energy resources such as hydrogen, wind, solar and bio-mass. gulf-daily-news.com