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Tuesday, Sep 17
Report: China to spend $13B on oil exploration this year
- China plans to spend ~80B yuan ($13B) exploring oil and gas exploration this year in a quest to bolster energy supplies and reduce dependence on imports, according to state media reports.
- The world's largest energy consumer has steadily increased exploration expenditures to 67.3B yuan in 2011, up from 19B in 2002, leading to discoveries of 5B-plus metric tons (36.75B barrels) in oil reserves and 2.6T cubic meters in nat gas reserves between 2008 and 2011, but China still imported ~58% of its oil and 30% of its natural gas in 2012.
- Related stocks: PTR, SNP, CEO.