China announced on Thursday the discovery of 13 oil fields, each with reserves exceeding 100 million tons (750 million barrels), boosting the country’s energy security and resource self-sufficiency.
Xinhua News Agency quoted an official from the Ministry of Natural Resources as saying that the discoveries significantly boost the country’s resource self-sufficiency, support the construction and consolidation of 198 energy resource bases, and strengthen China’s position and competitiveness in the global mining industry.
The agency noted that of the 225 newly discovered oil and gas fields, 13 oil fields have reserves exceeding 100 million tons each, and 26 gas fields have reserves exceeding 100 billion cubic meters each. It added, “newly proven geological reserves of petroleum and hydrocarbon natural gas rose by 51.7 percent and 44.2 percent, respectively, compared to the last year of the 13th Five-Year Plan (2016-20) period.”
It is worth noting that half of China’s oil imports pass through the Strait of Hormuz. China also has a comprehensive strategic partnership with Iran, signed in 2021, which extends for 25 years and is valued at $400 billion. This partnership includes cooperation in energy, infrastructure, security, and technology. (EIR)
