The national development and reform commission, the bureau of statistics and the ministry of commerce released a report on the development of China's national petroleum reserve. In the 1990s, China became a net importer of oil and the construction of strategic petroleum reserves developed. Oil reserves are a matter of national energy security, even with foreign exchange reserves and gold reserves. What is the current state of China's oil reserves? How far is it from the international safety standard line? What about the future?
Reserves of 33.25 million tons
, according to the above ministries to in the middle of 2016, China built in zhoushan, zhoushan expansion, zhenhai, dalian, huangdao, dushanzi, lanzhou, tianjin and huangdao national oil reserve underground structure, a total of nine national oil reserve base, using the above reserve and part of the social enterprise capacity, reserves of 33.25 million tons of crude oil.
This means that China's oil reserves are moving forward.
In 2014, China made its first public strategic oil reserve. The first phase of the project includes four national oil reserves, including zhoushan, zhenhai, dalian and huangdao, with a total storage capacity of 16.4 million cubic meters and a reserve of 12.43 million tons of crude oil.
By the middle of 2015, the national petroleum reserve base increased to 8, and the total storage capacity increased to 28.6 million cubic meters. The reserves were used and some social storage capacity was used, and the reserves were increased to 26.1 million tons. By contrast, a reserve base was added in mid-2016, with crude oil reserves rising by 7.15 million tons, up 27.4 percent.
"China has not stopped growing its oil reserves over the years, and it has grown faster." Foreign economic and trade university center for energy economics research chief researcher weihan wang said in an interview with the financial times that of the world's oil reserves derived from the first oil shock after the war, in order to prevent oil supply shortage or disruption caused by extreme circumstances. China is relatively late in this respect, and the process is still good. The importance of oil reserves is especially important in the context of the current economic uncertainty in the world.
Not 90 days "safety line"
Another big background in the build-up of oil reserves is China's huge imports of oil. "China is already a net importer of oil, and over the past few years the gap between supply and demand has increased." Weihan wang said.
China's crude oil imports reached 9.21 million barrels a day in March 2017, a record high, according to the general administration of customs. In the first quarter of 2017, China's crude oil imports rose 15 per cent year on year to 105m tonnes, surpassing the us as the world's largest importer of crude oil.
Association of Chinese oil companies, China's oil and gas industry development research center jointly compiled the "2017 China's oil and gas industry development analysis and outlook report blue book, according to the domestic production and imports to increase, the influence of China's crude oil in 2016 to 65.4% external dependency, 4.6% higher than that of 2015, the level of external dependency and the highest (66%) is very close in American history.
So how much oil reserves do you need?
The international energy agency's national petroleum reserve security standard line is 90 days. By many measures, China's crude oil reserves are now equivalent to less than 40 days of net oil imports. The United States currently has a strategic reserve of about 93.65 million tons, which is enough to support 149 days of import protection, according to the data. Japan has a strategic reserve of nearly 150 days; Germany's strategic reserve is 100 days.
China's crude oil reserves have further room to grow in the future, according to several experts.
The facilities are built in three steps
In fact, China's oil reserves have already been road-map. According to the national petroleum reserve mid-term and long-term programs ", 2020 years ago, the formation of equivalent to 100 days net imports of oil reserves total scale, three phase completed oil reserve base construction of hardware facilities.
On this basis, there is a view that China's strategic reserve oil construction will accelerate in the coming years.
Weihan wang said, for now, the oil reserves of infrastructure construction is the first, not only in the early need a great deal of initial investment, maintenance and operation in the late also need additional cost, it is need to rely on national power.
Last year, in addition, the national energy administration issued the national petroleum reserve ordinance (draft) ", the state shall encourage social capital to participate in the oil storage facilities construction operations, maintain national oil reserve scale corresponding to the total oil consumption; Enterprises engaged in crude oil processing, oil products wholesale and crude oil import and export shall bear the reserve of enterprise obligations.
It is understood that there are two ways in which private capital is involved in the national petroleum reserve, one is the construction of the reserve bank for the national strategic reserve and some commercial reserve leasing. Second, private enterprises import crude oil and carry out commercial storage.
Gold lianchuang XiJiaRui oil analyst thinks, should make full use of the current is not too high oil prices, further expand the strategic oil reserve in our country, at the same time, actively develop private enterprises and the society, the reserve forces, China's oil security again on a new step.