China eyes stepping up oil and gas exploration in 2022

China intends to step up oil and gas exploration this year, Report informs referring to TASS.

This provision is set out in the government’s report published on March 5 at the fifth session of the 13th National People’s Congress (the highest legislative body).

“[It is necessary] to build up our own resource extraction potential, intensify the exploration and development of oil, gas, minerals and other natural resources, improve the system of state strategic reserves, and ensure the supply of primary products,” the document says.

At the end of 2021, oil production in China increased by 2.4%, to 198.98 million tons, natural gas - by 8.2%, to 205.3 billion cubic meters. The country imported 512.98 million tons of oil last year, down 5.4% year on year, according to China’s National Bureau of Statistics. Imports of natural gas increased by 19.9% ​​to 121.36 million tons.