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tion will grow by 71%. China's share in global demand will increase from 22% to 27% in 2035, and the country's import dependence will rise from 15% to 20%.China is expected to overtake the US as the world's largest oil Consumer by 2027 and Russia as the world second-largest gas consumer by 2025,Nike Air Max 2009 White Blue, the BP report said.It added that the Asian country would also exceed Europe to become the largest energy importer in the world by 2035.In addition to being the most populous country,Max 2014 Women Dark Blue Pink Orange, unprecedented economic growth has increased its energy needs.China's rising middle class, whose income is steadily increasing, have helped the automotive sector with increased car purchases. China is now the world's biggest auto market by number of vehicles sold.The country's increasing urbanisation is also found as another reason for skyrocketed energy consumption.China's liquid fuels use is expected to grow by 13% between 2011 and 2014 to more than 11 million barrels per day, according to the US Energy Information Administration (EIA). Meanwhile, oil production in China is expected to increase by 6% over the period.Meeting Demand amid High Cost of ProductionThe world's second-largest economy sourced most of its energy needs internally until the late 1990s. However,Air Max 90 Nike Woman Grey Yellow Black, an economic boom increased its oil demands,Nike Air Max UK, beyond its production capacity, and forced the country to import oil in large quantities.Furthermore, the country's decision to go for external suppliers came amid reports that production from domestic sources would decline in the near term.In order to meet this demand, China has started to import heavily from oil-rich countries such as Saudi Arabia and Iran. China's crude oil imports are expected to climb 7.3% and account for 58% of the country's total consumption in the near term, according to China National Petroleum Corp (CNPC).Oil imports have often become costly due to the rise in fuel prices in the international market.A recent survey of oil and gas industry professionals in the Asia-Pacific region found that they are pessimistic about achieving their profit goals for 2014 given the rising operational costs and oil price volatility.In the survey, 41% of respondents believe that the overall increase in operating costs is the biggest obstacle to the growth of their business.Overseas AcquisitionsIn addition, China's Communist leaders are also concerned that this increasing dependence on imports could prove to be a strategic weakness and so the country is actively backing the acquisition of overseas oil and gas assets by domestic companies.Chinese companies have completed 83 overseas oil and gas purchases worth $100.7bn (��60.7bn, �73.7bn) in the past five years, according to data compiled by Bloomberg.Cnooc's $15.1bn acquisition of Canada-based Nexen early in 2013 was China's largest overseas acquisition.PetroChina, China's largest oil and gas producer, agreed to buy Brazil-based energy firm Petrobras' oil and gas assets in Peru for $2.6bn.PetroChina is looking to invest $60bn on overseas acquisitions over the period to 2020. By that time, the company intends to raise its production abroad to more than 50% of its total.PetroChina's government-owned parent, China National Petroleum, already owns and operates oil and gas assets in Peru as well as in Venezuela.Over the last five years, Sinopec and CNOOC, the country's second and third-biggest oil and gas producers, spent $41bn and $26bn, respectively, on overseas assets.Trading RelationsChina also looks to ensure ample oil supply with its strategic ties.Previously, China and Russia signed an agreement under which Russia would supply an additional 10 million tonnes of crude oil per year to China through Rosneft, over the next 10 years.China also has its oil trading relationship with oil-and-mineral-rich Nigeria after it struck a deal to provide a $1.1bn low-interest loan to the African nation for infrastructure development.On his trip to Africa a few months before, Chinese President Xi Jinping visited resource-rich nations in the continent, including the Republic of Congo, Tanzania, and South