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 oil, 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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