Breitling Oil and Gas Texas and California Morning Podcast #369

China will invest 80 billion yuan in oil and gas exploration in 2013 as it tries to boost energy supplies reduce its dependence on energy imports.

Oil and gas investment in China has tripled since 2002

More than 5 billion tons of petroleum reserves and 2.6 trillion cubic meters of natural gas were discovered between 2008-2011, Xinhua said.

China, the world’s biggest energy consuming country, has promised to cut its growing dependence on overseas oil and gas supplies.

I still firmly expect China to overtake the United States as the world’s biggest crude oil importer as soon as 2017. Much of it comes from the Middle East and Africa and is transported via vulnerable sea lanes.

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