A few days ago, CNOOC, the largest offshore oil and gas producer in China, announced that the offshore oil and gas production of CNOOC will exceed 65 million tons of oil and gas equivalent in 2020, a record high. Among them, crude oil production increased by 2.403 million tons year-on-year. For two consecutive years, the increment of domestic crude oil production ranked first among the three major oil companies, accounting for more than 80% of the total increment in 2020.
China is rich in coal, oil and gas, but it is one of the largest oil and gas consumers in the world. Therefore, China will vigorously promote oil and gas exploration and development, and comprehensively strengthen the construction of natural gas production, supply, storage and marketing system. During 2014-2019, China's offshore crude oil and natural gas production fluctuated. Among them, the offshore crude oil production began to decline after reaching its peak in 2015, and only slightly recovered to 49.16 million tons in 2019; the offshore natural gas production began to drop sharply in 2015, and only returned to 15.4 million tons in 2019, reaching 15.41 million tons.
China's demand for energy has been growing at a high speed, and 40% of the world's natural gas demand in the next five years will come from China. Therefore, the development of domestic oil and gas resources, improve their own energy supply system, is one of the main strategic directions of the country. In 2016, China's investment in oil and gas exploitation and exploration began to pick up and maintained a rapid growth. In 2019, China's investment in oil and gas exploitation and exploration reached 334.8 billion yuan, a year-on-year increase of 25.5%. |