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Demand dogs China despite pumping billions more into exploration

HONG KONG -- Despite its ever-increasing investment in exploring oil and gas resources, demand continues to outpace supply in China. China's state news agency, Xinhua, last month quoted the Ministry of Land and Resources stating that the government this year will spend 80 billion yuan, or $13 billion, to search for energy stockpiles in the country. It's a move to reduce the growing nation's reliance on imports and ensure security of supply.

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