Search results
Results from the WOW.Com Content Network
By 1993, internal demand for oil exceeded domestic production, and China became a net oil importer. [10] China became dependent on imported oil for the first time in its history in 1993 due to demand rising faster than domestic production. [4] In 2006, it imported 145 million tons of crude oil, accounting for 47% of its total oil consumption.
Oil field in California, 1938. The modern history of petroleum began in the nineteenth century with the refining of paraffin from crude oil. The Scottish chemist James Young in 1847 noticed a natural petroleum seepage in the Riddings colliery at Alfreton, Derbyshire from which he distilled a light thin oil suitable for use as lamp oil, at the same time obtaining a thicker oil suitable for ...
CNPC is the government-owned parent company of publicly listed PetroChina, which was created on November 5, 1999, as part of the restructuring of CNPC.In the restructuring, CNPC injected into PetroChina most of the assets and liabilities of CNPC relating to its hydrocarbon exploration and production, refining and marketing, chemicals and natural gas businesses.
The oil shale industry was established in China already in the 1920s. [3] After decrease in the production, the industry started to increase and as of 2008; several companies are engage in the shale oil production or the oil shale-based power generation. [3] After 2005, China became the largest shale oil producer in the world. [4]
China entered the WTO in 2001 which some experts claim put additional pressure on their domestic oil industry to be efficient. [8] [9] In the lead up to going public, Sinopec cut over 200,000 jobs from its roster. [10] BP partnered with Sinopec, in 2005, to build SECCO an ethylene derivatives plant with an initial investment of $2.7 billion. [11]
The oil market could see a surplus of one million barrels of crude a day in 2025, the IEA forecast. The excess will be driven by low demand in China and booming output from non-OPEC countries.
China's oil supply was 4,855 TWh in 2009 which represented 10% of the world's supply. [31] Although China is still a major crude oil producer, it became an oil importer in the 1990s. China became dependent on imported oil for the first time in its history in 1993 due to demand rising faster than domestic production. [1]
Nearly 60 years later, the number of offshore oil rigs has grown far beyond Bethlehem's estimation as ever-deeper oil is sought. In 2013, there were 840 offshore oil rigs available, of which more ...