China Will Invest $13bn in Oil, Gas Exploration This Year

China’s investment in oil and gas exploration is likely to reach 80 billion yuan ($13 billion) this year, China’s Ministry of Land and resources said.

According to the Ministry, during the first half of the year, country’s natural gas output touched 58.8 billion cubic meters, up 9% from corresponding period last year. It said that gas output will continue to grow rapidly.

In natural gas exploration, Sichuan Basin gas field achieved significant gas discovery. South China Sea also saw significant developments with completion of Asia's biggest deep water platform in the South China Sea by China National Offshore Oil Corp (CNOOC) in the Liwan 3-1 natural gas project.

The project will have an annual processing capacity of 12 billion cubic meters after completion and will be put into operation by the end of the year, CNOOC said in May this year.

Unconventional oil and gas exploration in Xinjiang Oilfield also saw progress with Changji tight oil pilot test projects in full swing. 

In Ordos basin, development of coal bed methane resources was significant.