China's three oil giants set production records last year
Last year, three large state-owned oil companies in China achieved record levels in the production of “black gold.”
Production by China National Petroleum Corp, or PetroChina, reached 1.76 billion barrels in 2023. This is 4.4% more than the same period of the previous year.
Chinese integrated energy and chemical company China Petroleum and Chemical Corp, also known as Sinopec, also reached an all-time high. The company's oil production amounted to 70.92 million tons, an increase of 3.1% year on year.
In turn, last year, China National Offshore Oil Corp set records for both reserves and production. Thus, net oil and gas production reached 678 million barrels of oil equivalent, an increase of 8.7% year on year.
In 2023, the company's compound annual growth rate of production reached 7.6%. This made it the industry leader in this indicator.
Luo Zuoxian, head of the exploration and research department of Sinopec's Economic and Development Research Institute, commented that the record oil and gas production results are the result of increased investment in domestic oil and gas exploration.
He also added that active efforts are continuing to increase investment, especially in deep-sea oil fields.
Amid the rapid development of the renewable energy industry, China's oil majors are also accelerating the transition to low-carbon energy with new plans.
While PetroChina is stepping up wind and solar power projects in northern China's Xinjiang Uyghur Autonomous Region and Inner Mongolia Autonomous Region, China National Offshore Petroleum Corporation is building offshore wind power platforms and implementing onshore photovoltaic projects.
Sinopec, aiming to become China's leading hydrogen energy company, is focusing on processing green hydrogen and building a hydrogen energy business.
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