24-05-05

China is expected to rely on foreign sources for about 50% its crude oil and natural gas needs by 2020 to bridge the growing gap between domestic demand and domestic production, said an industry expert.

By 2020, China is expected to be consuming 450 mm tons of crude and 200 bn cm of natural gas a year, with half that demand met by imports, Wang Gongli, president of China Oil and Natural Gas Designing Institute told.

China produced 175 mm tons of crude oil in 2004 and its future maximum output is unlikely to exceed 200 mm tons a year, Wang said in the report. In 2004, China imported 122.7 mm tons of crude oil, up 34.8% on year.

China produced 40.8 bn cm of natural gas in 2004, and the gap between domestic demand and supply is expected to reach 8 bn cm by 2020, Wang said.

Source: Xinhua