China's energy dependence to grow despite major oil discoveries.

Energy independence is an important precondition for any country which allows for relatively unbound foreign and economic policies. China's growing reliance on imports concerning fossil fuels is a major headache for Beijing. Therefore, increasing domestic production is high on the agenda. Despite some successes in exploration and production activities, import reliance is expected to rise over the next couple of years. Beijing has instructed its three domestic energy champions PetroChina, CNOOC, and Sinopec, to increase spending on domestic resources. In the next five years, these companies have vowed to...