China plans to spend US$13.07 billion on oil and gas exploration this year in order to secure future supply, Reuters reported, citing state media on Sunday. Oil and gas investment in China has risen from US$3.1 billion in 2002 to US$11 billion in 2011, the official Xinhua news agency said. More than 5 billion tons of petroleum reserves and 2.6 trillion cubic meters of natural gas were discovered between 2008 and 2011. As the world’s biggest energy consuming country, China has promised to cut its growing dependence on overseas oil and gas supplies.
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