Resource-strapped China is ramping up the search for new oil, gas, coal, copper and iron deposits, the Ministry of Land and Resources said, delineating plans to identify ten new oil fields with reserves of 100Mt each by 2010.
China is pouring new money into minerals and hydrocarbons exploration after decades of neglect. Its booming economy is depleting its existing reserves of oil, gas and coal, adding urgency to the search.
The plan, published on the Ministry`s website, also targets the identification of eight to ten fields with reserves of 100 million billion cubic metres of natural gas and 200 large mines by the end of this decade.
It calls for more detailed surveying of up to a quarter of China`s land mass and exploration of half of its offshore areas, as well as increasing mine safety.
China threw open its gold mining sector to foreign investment earlier this decade, but has been more cautious about offering hydrocarbons or its best minerals prospects to foreign capital.
Soaring gold prices have spurred production and turned the nation into the world`s top gold producer last year. But despite increased output, it still is a massive importer of copper, iron and oil, producing only half the crude oil it needs, while coal production can barely meet consumption.
Beijing has incouraged the country`s oil and mining firms to acquire resources overseas, to help meet its growing needs.
The ministry is wrapping up an extensive restructing of its mining licences, designed to resolve overlapping claims and force smaller miners to sell out to larger outfits capable of investing in safer and more efficient technology. (http://www.mining-journal.com/)
China is pouring new money into minerals and hydrocarbons exploration after decades of neglect. Its booming economy is depleting its existing reserves of oil, gas and coal, adding urgency to the search.
The plan, published on the Ministry`s website, also targets the identification of eight to ten fields with reserves of 100 million billion cubic metres of natural gas and 200 large mines by the end of this decade.
It calls for more detailed surveying of up to a quarter of China`s land mass and exploration of half of its offshore areas, as well as increasing mine safety.
China threw open its gold mining sector to foreign investment earlier this decade, but has been more cautious about offering hydrocarbons or its best minerals prospects to foreign capital.
Soaring gold prices have spurred production and turned the nation into the world`s top gold producer last year. But despite increased output, it still is a massive importer of copper, iron and oil, producing only half the crude oil it needs, while coal production can barely meet consumption.
Beijing has incouraged the country`s oil and mining firms to acquire resources overseas, to help meet its growing needs.
The ministry is wrapping up an extensive restructing of its mining licences, designed to resolve overlapping claims and force smaller miners to sell out to larger outfits capable of investing in safer and more efficient technology. (http://www.mining-journal.com/)
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