Petroleum industry in China

The petroleum industry in China has evolved from small-scale exploration during the Qing dynasty to one of the largest in the world since the founding of the People's Republic of China. Domestic oil production began in earnest in the 1950s, with major discoveries such as the Daqing and Shengli oil fields transforming the country into a net oil exporter by the 1970s. However, rising domestic demand led China to become a net oil importer by 1993 and the world's largest oil importer by 2013. To safeguard its energy security, China has developed a large "Strategic Petroleum Reserve" and expanded foreign oil investments through state-owned enterprises. Oil remains a critical component of China's energy policy, economic planning, and geopolitical strategy.

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