China doubles down on domestic oil and gas output with $470 billion investment

Some 20 kilometers out from the port of Tianjin, in the jade waters of the Bohai Sea, a vast metal structure rises above the surface. This hulking offshore platform, 11-1 CEPJ, is the beating heart of the Caofeidian oil and gas field — and a monument to China’s multibillion-dollar efforts to insulate itself from the whims of its rivals.

China has long sought to reduce the risk that comes with being both the world’s top consumer and its largest importer of energy.