(Photo: nengyuanjie.net)

China's three State-owned oil giants are increasing their efforts in oil and gas exploration as a way of reducing China's reliance on overseas oil and gas imports, the Shanghai Securities News reported on Wednesday. 

At the annual work conference held at the beginning of the new year, China National Petroleum Corp (CNPC) decided to increase risk exploration funds to 5 billion yuan ($735.8 million) from the current 1 billion yuan. Risk exploration refers to exploration that faces a high rate of failure but could lead to huge discoveries in oil and gas reserves.

CNPC Chairman Wang Yilin said efforts to increase reserves are essential to reverse China's fast growing reliance on overseas imports. "Those efforts should be seen from a strategic view of ensuring national oil and gas supply security," Wang said.

CNPC has increased oil and gas exploration efforts and achieved six breakthroughs in 2018. In 2019, it narrowed its risk exploration target to 46 wells.

Sinopec also said it will strive to stabilize domestic oil production, increase domestic gas production and reduce cost. 

China National Offshore Oil Corp made similar pledges at its annual meeting, when its General Manager Wang Dongjin said the company will aim to increase reserves and increase production in 2019.

China's energy self-sufficiency was 85 percent in 2018, compared with 90 percent in 2011.