China’s domestic diesel and gasoline markets are under pressure
Chinese NOCs see upstream gains and downstream losses
China’s state-owned oil companies have succeeded in raising domestic oil and gas production, but their refining businesses are being squeezed
China’s three NOCs continued to grow their E&P businesses strongly in H1 2024, but there were signs of weakness in downstream operations due to softer-than-expected fuel sales resulting from challenging economic conditions and greater use of cleaner transport. China’s central government has pushed its state-controlled oil and gas giants—PetroChina, Sinopec and CNOOC to invest heavily in production to help the nation meet energy security goals amid rising geopolitical tensions. The firms were responsible for 93% of domestic oil output in H1, and their focus on this combined with higher international oil prices drove their combined net profit for the period 10.3% higher than a year ago, to
Also in this section
15 November 2024
With Chevron and AIM-listed Challenger Energy having completed their Uruguayan farm-out deal, Challenger CEO Eytan Uliel updates Petroleum Economist on the firm's progress in the frontier basin
14 November 2024
The country is seeking to secure its position as a major global refiner and meet rising domestic requirements
13 November 2024
IOCs are focused on the next wave of exploration activity in Namibia and are keen to learn from one another’s results
