The second largest energy consumer, China is quickly becoming one of the most significant energy players in the world. Increasingly in need of fossil fuels to power its burgeoning economy, China has sought to acquire oil and gas access rights beyond its borders, snapping up additional reserves that span both hemispheres. China's three state-owned companies, CNOOC, Sinopec and CNPC, are on the prowl to bulk up the country's already hefty cache of petroleum resources. Having grown by slightly more than 6.1 million barrels per day from 1.825 MMbopd to 7.940 MMbopd over the period of 1978-2008, China's oil consumption is projected to continue its upward trend.
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