BEIJING, March 7 (Xinhua) -- China National Petroleum Corporation (CNPC) will earmark 5 billion yuan investment in risk exploration annually during 2019-2025, which is five times the current annual investment, according to CNPC Chairman Wang Yilin, quoted by China Petroleum Daily on Monday.
As the country's largest oil and gas producer and supplier, CNPC has actively organized and completed the compiling of a plan to accelerate development of the oil and gas exploration and production in China in 2019-2025. At present, the plan has been submitted to the Ministry of Natural Resources and the National Energy Administration.
Wang said that CNPC will bring in internationally advanced management methods and advanced technologies, and also foreign investment to promote the oil and gas exploration and development at home.
Regarding development of unconventional resources, Wang pointed out that CNPC will increase the exploration and development of shale gas in the future. Its annual shale gas production will strive to reach 12 billion cubic meters in 2020, and 24 billion cubic meters in 2025. (Edited by Hu Pingchao, hupingchao@xinhua.org)
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