In the first half of the year, China’s foreign oil dependence was 55.3%

According to the latest data, in the first half of 2011, China’s domestic crude oil production was 101.76 million tons, and imported crude oil was 125.75 million tons. Based on this calculation, China's crude oil dependence on foreign countries has reached 55.3%.

While the demand for crude oil imports is rising, at the same time, in order to prevent the economy from being affected by future energy supply disruptions or price fluctuations, the construction of China's oil reserve base is in full swing.

The National Development and Reform Commission had previously stated that the second phase of the National Strategic Petroleum Reserve Base, which includes eight bases, is under construction, with a total reserve of 26.8 million cubic meters, equivalent to 169 million barrels.

It is understood that the second phase of the project includes Guangdong Zhanjiang, Huizhou, Lanzhou, Gansu, Jiangsu Jintan, Jinzhou, Liaoning, Tianjin, Xinjiang Dushanzi and Shanshan. It is estimated that by the completion of the second phase of the strategic oil reserve base, China's oil strategic reserve will reach 43.2 million cubic meters.

In fact, the location of the third phase of the project has already begun. Previously, industry sources disclosed that Chongqing Wanzhou District, Hainan Province, and Caofeidian in Hebei Province are all expected to be selected; Gansu, after being selected for the second batch of reserve bases, was once again included in the site of the third batch of bases. The relevant personnel of the National Development and Reform Commission have revealed that the third phase of the reserve is equivalent to the second phase, which is 26.8 million cubic meters.

According to preliminary calculations, in the next five years, 80 billion yuan will be invested in the construction of a national strategic oil reserve base in China, and an investment of about 350 billion yuan will be required for the construction of oil and gas pipelines. By 2015, the total length of domestic oil and gas pipelines is expected to reach 140,000 kilometers.