A Reuters report last week examining China’s renewed oil and gas exploration and production push should make the country’s oil majors, Beijing energy planners, and just about everybody else in the country’s Oil Patch breathe a collective sigh of relief – but at the end of the day, the question has to be asked, will it still be enough? First the good news First the good news: China’s national oil companies are raising spending on domestic oil and gas drilling to the highest levels since 2016. This push comes as Chinese President Xi Jinping calls for the country to boost energy development to enhance national energy security. A few months ago, China National Petroleum Corporation (CNPC), one of China’s largest oil majors with some $428.62 billion in revenue in 2017, announced an oil discovery at Mahu in the Junggar basin which has 400 million tonnes of oil in place, […]