China's Global Quest for Energy
Abstract
During the past several years, China experienced an economic explosion that has triggered a frantic scramble for natural resources to sustain its growth. Currently the world s second largest consumer of oil, only thirteen years ago China did not import any oil at all. In 2004, oil imports to China are said to have increased by 37 percent, which contributed to soaring oil prices around the world. In 2005, China consumed an average of 6.9 million barrels per day (mbd) of oil. By 2025, that amount is projected to increase to approximately 13.2 mbd. That same year China's production level is expected to be approximately 4.0 mbd, which will require the country to have a net import of at least 9.2 mbd. China had managed to be self-sufficient until 1993, meeting all its internal consumer oil needs for the previous five decades due to the discovery of massive oil reserves at the Daqing oil fields in the far north of the country during the 1950s. With the increase in oil consumption, the Daqing oil fields can no longer be relied upon to fully sustain the country in the years to come. With economic growth running at a rate of about nine percent per year, China is now engaged in a massive effort to reach beyond its borders and grab as much oil as possible to ensure its future economic growth. To this end China is directing much of its attention to Russia, Canada, South America, the Middle East and Africa.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jan 01, 2007
- Accession Number
- ADA593535
Entities
People
- Cindy Hurst