Exploration and development investments by the three major oil and gas companies — China National Petroleum Corp, China National Offshore Oil Corp and China Petroleum and Chemical Corp — are expected to reach 390 billion yuan ($53.7 billion), which is leading to significant discoveries across a range of oil and gas fields, he said.

　　This, in turn, helped reduce China's dependence on crude oil imports to 71.9 percent in 2024, as the nation's oil and gas industry demonstrated remarkable resilience last year, leveraging advanced technologies to increase domestic production while reducing reliance on imports.

　　China's reliance on oil imports is projected to remain at around 70 percent between 2026 and 2030, while the world's second-largest refining industry is estimated to import 559 million tons of crude oil this year, a level equivalent to about 11.18 million barrels per day.

　　These numbers not only demonstrate China's strengthened energy security, but also underscore its growing role in global energy markets, where its demand is continuing to shape trends worldwide, said Lu.

　　According to the CNPC report, the country's energy consumption in 2024 grew by 4 percent compared to 2023, driving global demand for primary energy up by 1.9 percent.

　　New proven reserves included approximately 1.5 billion tons of oil and 1.6 trillion cubic meters of natural gas. Oil production reached 213 million tons, growing by 1.9 percent from 2023, marking the sixth consecutive year of increased production.

　　A crane lifts a large steel photovoltaic platform onto a ship in Laizhou, Shandong province, on Feb 27.TANG KE/FOR CHINA DAILY