China’s National Energy Administration asked oil and gas firms to boost production and build strategic supply bases on October 23. Companies like PetroChina, Sinopec, and CNOOC attended a meeting on Wednesday. The government wants these firms to increase investment and exploration to ensure steady growth in national energy security.
BEIJING, Oct 23 (Reuters) - China's National Energy Administration has called on the country's oil and gas firms to expand production capacity, speed up the creation of national strategic oil and gas supply bases and take responsibility for safeguarding national energy security.
According to a summary released by the NEA on Friday of a meeting held on Wednesday, the companies should step up investment and exploration activities, aiming for "steady growth in crude oil output and rapid growth in natural gas production".
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Chinese oil majors PetroChina, Sinopec and CNOOC were among the participants, the summary showed.