At the heart of China’s energy strategy lies its ambitious, seven-year (2019-2025) domestic oil and gas production campaign launched by the National Energy Administration in response to growing energy security concerns. The results have been promising: since the campaign’s inception China has reversed a domestic production decline and increased output by approximately 480,000 barrels per day. However, the country’s dependency on foreign oil remains high, with imports filling more than 70% of Chinese demand.
