Petroleum industry in China
[2] The late Qing dynasty banned mining because of the traditional cosmological beliefs which regarded the land as a sacred legacy.
[3]: 14 Ensuring adequate energy supply to sustain economic growth has been a core concern of the Chinese government since 1949.
[5] In 1959, large reserves were discovered in Songhua Jiang-Liao basin in northeast China and later several other giant oilfields were found.
[3]: 172 Among the industrialized country, Japan was hit hardest by the resulting oil crisis because its petroleum needs were filled completely by imports.
[8]: 98 Beginning in 1979 (and running through 1997), the Japan Bank for International Cooperation provided China with resource loans for several oil and coal development projects.
[10] China became dependent on imported oil for the first time in its history in 1993 due to demand rising faster than domestic production.
[11] The largest oil field in the South China Sea, the Liuhua 11-1 field – located 210 km southeast of Hong Kong in the Pearl River Mouth Basin offshore south China, was discovered by Amoco (now BP) in January 1987 in typhoon alley.
In 2004 CNOOC signed a deal to extract a million barrels of oil a day in Indonesia as well as other projects with Australia.
[22] Oil prices eased on 15 July 2024, due to weak demand in China, with Brent crude at $84.85 and WTI at $81.91.
The bill aims to improve contract enforcement and Pakistan's ranking on the World Bank's Ease of Doing Business Index by establishing a comprehensive system for resolving disputes related to exports and imports, including e-commerce.
[25] China has one of the world's largest global strategic petroleum reserves (GSPR), which is held for national security during an energy crisis.
The first Zhoushan, Zhejiang Province, was built by Sinopec, China's largest oil refining company.
In 2007, United Press International journalist questioned energy security, as all three of the stock oil bases were within range of Taiwanese cruise missile attacks.
[28] In 2009 Zhang Guobao, head of the National Energy Administration, announced the third phase that would expand reserves by 204,000,000 barrels (32,400,000 m3) with the goal of increasing China's SPR to 90 days of supply by 2020.
In March 2018, as part of a bid to establish its position as an economic superpower, China introduced a new oil benchmark.
[31] In 2004, China had to import 100 million tons of crude oil to supply its energy demand, more than half of which came from the Middle East.
Chinese Communist Party general secretary Hu Jintao has proposed to build a pipeline from Russian oil fields to support China's markets as well as other billion-dollar arrangements with Russia, Central Asia, and Burma, and diversify its energy sector by seeking imports from other regions of the world and by starting alternative energy programs such as nuclear.
