China invests in gas and oil exploration

Beijing, Sep 15 (IANS) China is expected to invest $13.07 billion or 80 billion yuan in exploration of oil and gas resources in 2013, according to the country's land and resources ministry.

Official figures show money spent on exploration of oil and gas fields rose from 19 billion yuan in 2002 to 67.3 billion yuan in 2011, reports Xinhua.

Such investments have risen steadily in China over the past years as the country wants to reduce dependence on imports and ensure security of energy supply.

In the 2008-2011 period, 5.01 billion tonnes of petroleum reserves and 2.6 trillion cubic metres of natural gas were discovered.

China's imported 58 percent of its oil and 30 percent of its natural gas in 2012, according to a report by the Economics and Technology Research Institute of China National Petroleum Corporation.

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