Amid a global shortage in energy supply, China has claimed that it has discovered more than 200 new oil and gas reserves. This claim comes at a time when the world is struggling with limited oil and gas supply.
China has stated that over the past five years, it has discovered around 225 new oil and gas reserves within its borders. This is seen as a major relief for the country, especially at a time when the world is facing problems in oil and gas supply due to the ongoing conflict between the U.S. and Iran.
China’s Ministry of Natural Resources stated that more than 13 newly discovered oil reserves each contain over 100 million tons of oil, while 26 gas reserves each hold more than 100 billion cubic meters of natural gas.
In recent years, China has been continuously investing in the exploration of oil and gas reserves so that it can meet its energy needs independently.
China imports a significant amount of oil from Iran and is actually one of its biggest buyers.
However, China’s ministry has not clearly stated how much fossil fuel is currently available for use. Still, natural gas production in China is increasing every year, while oil production has remained stable at around 200 million tons annually.
Chinese officials have said that they are committed to becoming fully self-reliant in oil and gas, and the country is continuously working on the exploration of new reserves.
Photo: @Reuters
The ministry stated that China has invested 450 billion yuan (66 billion dollars) to double its oil and gas reserves, which is the highest investment in the past 10 years.
China is taking this step at a time when the Strait of Hormuz is facing frequent disruptions, leading to a shortage of oil and gas worldwide. Around 20% of the world’s oil and gas supply passes through this route.
China is the world’s largest oil importer, and it is also one of the biggest buyers of oil from Iran. In fact, China purchases a major share of Iran’s exported oil and remains heavily dependent on foreign energy supplies.
China has been trying for a long time to become self-reliant in energy. Despite this dependence, when compared to other major global economies, China is still in a relatively strong position in terms of energy security and strategy.
Chinese leader Xi Jinping said this week that party workers should further strengthen the security of energy and resource supplies so that external challenges do not impact China.
