China's annual crude oil and natural gas output will more than double the current amount by 2030, the Ministry of Land and Resources (MLR) forecast on Wednesday.
Peng Qiming, head of the ministry's geological survey department, said at a press conference that oil and gas output may approach 700 million tonnes of oil equivalent by 2030, citing results from a recent oil and gas resources evaluation.
The amount is more than double the output of last year, as the MLR's preliminary data showed last year's oil and gas output stood at 320 million tonnes of oil equivalent.
By 2030, verified crude oil reserves in China are forecast to reach 22 billion tonnes, while annual production will range from 200 to 250 million tonnes, according to the evaluation results.
Verified reserves of natural gas will reach 12 trillion cubic meters by 2030, with annual gas output up 10 billion cubic meters each year to reach 300 billion cubic meters by 2030, data showed.
