NEWS China's upstream programs advance onshore and offshore

China continues to mark progress in its efforts to boost oil and gas reserves and production. The petroleum sector of the world's most populous country is struggling to keep up with rocketing domestic oil and gas demand paced by one of the world's fastest growing economies. In recent years, Chinese petroleum demand had outstripped domestic supply. The result has been a rising volume of oil imports. This imbalance in turn led Beijing, out of concern for an overheating economy, to clamp down on petroleum trade and consider market reforms and changes in petroleum investment policy (OGJ, May 15, p. 12). All of this underpins a more aggressive effort by China to attract fore...

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