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SEP 15, 2013 - Yahoo! News

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China to invest 80 billion yuan in oil and gas exploration this year

BEIJING (Reuters) - China will invest 80 billion yuan ($13.07 billion) in oil and gas exploration in 2013, state media said on Sunday, as it tries to boost energy supplies reduce its dependence on energy imports. Oil and gas investment in China has risen from 19 billion yuan in 2002 to 67.3 billion yuan in 2011, the official Xinhua news agency said, citing Ministry of Land and Resources figures. More than 5 billion tons of petroleum reserves and 2.6 trillion cubic meters of natural gas were discovered between 2008-2011, Xinhua said. ...

Tags: China to invest 80 billion yuan in oil and gas exploration this year,  Petroleum Latest News