(Photo : Oil Drilling Platform)

China's state media said on Sunday that the country is allocating CNY80 billion or $13.07 billion to invest in oil and gas exploration this year.

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The investment is part of the country's aim to reduce its dependence on oil and gas imports by boosting energy supplies.

The official China Daily said the Ministry of Land and Resources announced that the investment fund for oil and gas exploration this year is almost CNY15 billion more than what the country spent in 2011.

Energy Investments Steadily Growing

In 2002, China spent only CNY19 billion or $3.10 billion for oil and gas exploration. As the country moves to reduce dependence of imports and provide security of energy supply, the budget for oil and gas investments has steadily risen over the years.

China is 58 per cent oil import dependent and 30 per cent natural gas import dependent last year, said the China National Petroleum Corporation.

China has been investing heavily in oil and gas exploration to make the country independent to importation and ensure energy security to the world's second-largest economy. The goal of reaching import independence, however, may not be easy for China to achieve as the country's economy continues to grow.

China Will Be World's Biggest Oil Importer

In fact, according to the Energy Information Agency, which provides official energy statistics from the US Government, China could overtake the US as the world's biggest importer of oil in the next few years.

The US agency said rising demand in China and the increase oil production in the US will make China the world's largest oil importer. It expects country's monthly net oil imports to be higher than those of the US starting next month.

It added that China's emergence as biggest oil importer will be made more imminent as the US becomes energy independent by 2030. The US also aims to become the biggest oil producer in 2020, which means its importation will drop significantly by then.