China’s Ministry of Natural Resources has reported that 225 deposits have been identified in the Tarim (northwest), Ordos (north), and Bohai Bay (northeast) basins, according to local media outlets.
Since the start of this new round of exploration, Beijing has prioritized oil and gas, with a total investment of nearly 450 billion yuan (about 53 billion euros), a spokesperson added.
Among the discoveries are 13 oil fields with reserves exceeding 100 million tons and 26 gas fields with reserves exceeding 100 billion cubic meters. The ministry also highlighted advances in deep exploration, both onshore and offshore.
On land, China has developed its first exploration well, named “Deep Earth Tak 1,” with a depth of up to 10,000 meters, which has enabled the detection of oil in deep layers.
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At sea, the ultra-deepwater gas field “Deep Sea One” has entered the production phase, placing the country among the world leaders in deepwater hydrocarbon exploration and extraction, according to officials.
The spokesperson emphasized that oil and gas resources are “crucial” to the national economy, the well-being of the population, and energy security.
The announcement comes amid tensions between the United States, Israel, and Iran, which have contributed to rising fuel prices in China and prompted authorities to temporarily intervene in the market.
On Tuesday (28), the leadership of the Communist Party of China called for strengthening energy security and resources in light of the impact of rising oil and gas prices.
