The NOCs occupy different but complementary market roles
China’s NOCs take varying decarbonisation routes
The three biggest state-controlled firms are pursuing divergent strategies towards a lower carbon future
China’s ‘big three’ NOCs—which together accounted for 94pc of the country’s crude oil production and 96pc of its gas output last year—are taking different strategies to decarbonise their hydrocarbon-heavy businesses, a divergence that aims to play to their respective strengths. Since President Xi Jinping announced China’s 2060 carbon neutral target nearly a year ago, pressure has grown on the three firms—CNPC, Sinopec and Cnooc—to reduce their carbon intensity. While detailed strategies remain vague at best, the NOCs’ low-carbon futures are likely to vary due to their individual segment focus. CNPC, Sinopec and Cnooc dominate China’s oil and gas industry. The three companies pumped a combine
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
