China
Will Not Increase Oil Import
in Fifty Years
It has been long suspected
that China has vast untapped energy
reserves. Now it has been confirmed, at
last.
A team of Chinese oil
prospectors have discovered a high-yield
oil reserve in the Qiangtang Basin (羌塘盆地)
in the Qingzang Plateau (青藏高原),
in China’s great west. The field is
said could contain 10 billion tons of
crude, twice as much as that in the
well-known Daqing Oilfield in China’s
northeast. Until very recently the oil
reservation in this region is regarded as
too small for commercial exploitation.
But now it is believed that in a few
years Qiangtang may replace Daqing as the
major Oilfield in China.
Qinghai
Plateau
"Some experts in the
West predict that the world is going to
run dry of oil in 10 years. Yet with
Qiangtang, this doomsday tale won’t
become reality," said a Chinese
expert. "Currently we have to import
one third of the oil to meet the energy
demand, and with the current development
trend, in ten years of time, the amount
of imported oil may account for
two-thirds of the total oil use. That is
worrying. But with Qiangtang, the things
could be quite different. Once this new
oilfield starts commercial production,
China won’t need to increase oil
imports to accommodate growing demands,
not for fifty years."
Which is a great news
since China is said to be the world's
second largest oil consumer after the
United States, and China's annual
domestic consumption is expected to hit
300 million tons by 2010.
It was first detected
about a half year ago in a shallow drill
hole 700 m below the surface. When
ignited, it produced a flash of fire in
bluish yellow colour that soared one
metre above the desert floor.
"Normally crude oil does not burn in
such a robust manner, that is what
refined petroleum could achieve. Now we
have it, which indicates this field
contains a large quantity of high quality
oil.
It is reported that all
the preparation work is complete,
including 1000 m test drill. In two to
three years, 5000 m deep drill will be
able to take place.
(Reference: 中油网)
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