Spending climbs in China

US-based companies have spent US $5 billion on Chinese oil and gas exploration and production projects, according to Zhang Guobao, deputy director of the National Development and Reform Commission. He described foreign investments in China as a win-win situation as project benefit both China and the operating companies, said a Xinhua report. US companies are involved in offshore oil projects which totaled 112 million bbl of production last year, or 56% of the total output of CNOOC, the state-owned offshore oil company. Zhang also said the nation will strengthen cooperation with multinational companies to try to lower the nation’s 42.9% dependence on imports.