The Annual Equipment of Pipeline and Oil &Gas Storage and Transportation Event
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- Chinese
China is not known as a hot bed of new oil discoveries, but it is trying. With offshore drilling in play, China added over 1.3 billion tons of crude to its reserves last year, up 20% from 2010 numbers.
China's oil discoveries have been increasing steadily over the last 9 years, but no where near enough to offset demand. China consumes around 9 million barrels of oil daily, making it the No. 2 consumer of oil behind the U.S. Americans consume over 20 million barrels of oil per day.
Over 85% of China's new oil discoveries are being made in five major wells: the Ordos Basin in Inner Mongolia; Tarim Basin and Junggar Basin in Xinjiang Uygur and the offshore Bohai Bay Basin in eastern China.
Along with the rapid development of China's energy industry, China Oil & Gas Pipeline network is experiencing unprecedented great structure, large-scale construction and giant leap. Read More >
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