Abstract
China ranks No.1 and No.3 respectively in global oil and gas consumption. Examination of viability of oil and gas resources could provide useful information in gauging economic vulnerability of future oil and gas supply in China. Energy Return on Investment (EROI) is an important index to characterize the viability of a natural resource from an energy viewpoint. This paper calculates EROI for oil and gas exploration (EROIOGE) and EROI for light oil products (EROILOP) in China. The results show that the EROIOGE decreased from approximately 16.4 in 1985 to 8.4 in 2003, and then increased to 12.2 in 2012. The EROIOGE in recent years are due to the increasing of gas production. As a trade-off between the decrease of oil extraction efficiency and the increase of oil processing efficiency, the EROILOP fluctuated around 4. The results suggest that China should develop the natural gas industry and improve the oil processing efficiency vigorously.
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