China has set on reinforcing its position on the energy market amid tough competition in oil and gas field exploration and development underpinned by steadily growing energy consumption. The regular assembly of China’s Communist party adopted a resolution to secure China’s involvement in the energy resources exploration. So, China’s authorities decided to allocate more funds to such large-scale projects and enhance the state monitoring over implementation of the party’s resolutions. According to the data of China’s Ministry of Land and Resources, 1.1 billion tons of oil and 616.4 billion cubic meters of natural gas were discovered in the country in 2013. After the flash estimates, experts reckon that the newly found deposits might yield 202 million tons of oil and 381.9 billion of natural gas with the use of available technologies and no extra funds. Interestingly, petroleum production in China amounted to 210 tons and natural gas production accounted for 117.6 billion cubic meters in 2013. As compared to the figures of 2012, petroleum and gas production grew by 1.4% and 9.1% correspondingly. The fast pace of gaining momentum in the extraction pickup was acknowledged by the government. The Ministry’s communique reads that the oil and gas exploration in 2013 was performed with a high expertise, the exploration ensured a steady increase in production output; hence, China achieved a roaring success in the energy sector. However, taking into account the rising demand for energy in China, the government of one of the largest energy consumers in the world aims to join efforts and summon up all public funds to hit this target.
