China has boosted its oil and gas exploration budget significantly as it seeks to confirm more reserves and replace production from depleting mature fields.

The government has long worried about the country’s energy security, concerns that were heightened after Russia’s invasion of Ukraine helped send global energy prices soaring.

President Xi Jinping has recently stepped up his insistence that China takes security of its energy supply into its own hands.

The nation claims it is able to supply 82.6% of its energy needs out of the 5.24