China plans to increase domestic oil production by 50%, up more than 2 million barrels per day over the next five years.
Domestic oil production in China is not projected to exceed 4 million barrels per day in 2019, but the aim of the plan is to boost oil production to 6 million barrels per day.
Part of the initiative is to increase investment in oil exploration by 20%, to $77 billion, in order to boost production in two oilfields.
The country imports more than 10 million barrels per day to meet its demand.
“Oil Derrick” by Anthony is licensed under CC BY-ND 2.0
