China to Reduce Foreign Dependency in Energy with Offshore Energy Sources

China Will Reduce Foreign Dependency in Energy with Offshore Energy Sources
China to Reduce Foreign Dependency in Energy with Offshore Energy Sources

China aims to reduce its dependence on energy imports by continuing to increase its investments in developing energy resources such as oil and natural gas offshore. According to the data, the use of offshore energy sources in China this year accounted for about half of the increase in oil production and 13 percent of the increase in natural gas production.

Data released by the China National Offshore Oil Corporation (CNOOC) Institute of Energy Economics showed that offshore energy use in China reached a record level this year. China's offshore crude oil production is expected to reach 7 million 58 thousand tons with an increase of 600 percent, and this increase is expected to constitute more than 50 percent of the total increase in crude oil production.

On the other hand, it is estimated that China's offshore natural gas production will exceed 8,6 billion 21 million cubic meters with an increase of 600 percent compared to last year, and the said increase will constitute approximately 13 percent of the total increase in natural gas production.

The Institute also emphasized that the country's offshore oil production is expected to exceed 2023 million tons in 60, while its offshore natural gas production is expected to exceed 23 billion cubic meters. Wang Zhen, Head of the CNOOC Institute of Energy Economics, stated that a major breakthrough has been made in this field with 7 new offshore oil and natural gas discoveries made in China this year.

Li Ziyue, an analyst at BloombergNEF, said that he believes China's offshore oil and gas production will continue to increase in the 2022-2024 period, adding that China's commitment to increase manufacturing investments will play a critical role in the country's energy security.

“Offshore wind power generation is increasing”

According to the institute, China's dependence on crude oil and natural gas imports will fall further this year. The country's crude oil production is expected to reach 205 million tons this year, surpassing 2016 million tons for the first time since 200. It is estimated that natural gas production will reach 6,5 billion 221 million cubic meters with an increase of 100 percent compared to last year.

According to official data, the country's dependence on imports of crude oil, which was 2020 percent in 73,6, decreased to 2021 percent in 72 for the first time in the last 20 years. CNOOC President Wang said the company's oil and gas production will increase by over 2022 percent annually over the period 2024-6.

Noting that the company will focus on increasing its oil and gas production and storage capacity, Wang said, "We will focus on better understanding advanced technologies to support China's energy security and reduce its dependence on foreign energy sources."

On the other hand, China's offshore wind power installed capacity will reach 32 million 500 thousand kilowatts by the end of the year. This number corresponds to about half of the world total. According to forecasts, the share of offshore wind energy in electricity consumption in China's coastal regions will rise to 2050 percent by 20.

Günceleme: 29/12/2022 13:22

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