China to continue increasing investment as it looks to discover new oil and gas fields
28 July 2021
On July 15, the National Energy Administration of China met in Beijing and decided to vigorously increase the intensity of oil and gas exploration and development during 2021. During the meeting, it was pointed out that in the past three years, China's crude oil production has achieved a steady increase, while natural gas production has increased rapidly, consolidating the trend of stable oil and gas growth.
The meeting emphasised that in the future, China will continue to increase oil & gas exploration, development and investment, implement plans for increasing reserves and production, and increase investment in exploration and development funds and workload. For a series of key technologies of oil & gas exploration and development, all companies should make every effort to make breakthroughs, strive to discover new large and medium-sized oil & gas fields, and significantly increase single-well production and recovery efficiency.
In addition, it is necessary to strengthen offshore oil & gas exploration and development, and further promote the development of shale oil and shale gas. In the context of the peak of carbon neutrality, China will fully implement green oil and gas production activities, promote energy conservation and carbon reduction in production, carry out clean replacement of production energy, and do a good job in CCUS pilot demonstration work.
At the meeting, CNOOC’s CEO, Wang Dongjin, made work reports with the principals of PetroChina, Sinopec, and Shaanxi Yanchang Petroleum. Wang Dongjin said that CNOOC will strive to increase oil and gas reserves and production, adhere to the parallel development of oil and gas, and increase the development of natural gas, so as to comprehensively increase the proportion of natural gas in oil and gas production. While achieving the goal of increasing production, CNOOC will also actively transform development methods, strengthen production organisation, anchor carbon peak and carbon neutral goals, and accelerate the company's energy transformation. CNOOC will also explore the development of new energy industries and promote the coordinated development of new energy and oil and gas industries.
In the first half of 2021, China produced 99.32 million tons of crude oil, a year-on-year increase of 2.4%, and the growth rate was 0.7% faster than the same period of the previous year; the two-year average growth rate was 2.0%; the production of natural gas was 104.5 billion cubic metres, a year-on-year increase of 10.9%, and the growth rate was increased by 0.6 percentage points over the same period last year; the two-year average growth rate was 10.6%.
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