NEW YORK, NY--(Marketwire -03/02/12)- In recent years, China's government has taken steps to increase the country's domestic energy production -- particularly in coal, oil and natural gas. Peng Qiming, director of the Ministry of Land and Resources' geological exploration department, says that China will step up oil and gas exploration to meet the country's rising energy demands and to ease its reliance on imports. Meanwhile, China's coal production continues to grow year-on-year. Five Star Equities examines investing opportunities in China's Energy Sector and provides investment research on PetroChina Company Limited (NYSE: PTR - News) and Sino Clean Energy Inc. (NASDAQ: SCEI - News). Access to the full company reports can be found at:
China depends on oil imports for nearly 60% of its consumption and on natural gas imports for 15% of its overall use. According to Peng Qiming, China's oil and gas output is expected to rise to 360 million tonnes of oil equivalent by 2015 and 450 million tonnes by 2030, up from 280 million tonnes in 2010. China has discovered 52 trillion cubic meters of gas, of which, 32 trillion cubic meters can be exploited, according to a report issued by the Ministry of Land and Resources.
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China continues to boost its coal production. The coal industry has helped strike a balance between the country's energy supply and demand, marking a good start to the social and economic development during the 12th Five-Year Plan period (2011-2015), said Liu Tienan, head of the National Energy Administration.
China produced 3.52 billion tonnes of raw coal in 2011, 8.7 percent more than a year earlier, the official People's Daily reported earlier this week.
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