Cnooc aims to launch 13 projects this year
Cnooc set to lead China’s oil output growth
The state-controlled firm is expected to contribute most of the country’s new oil production this year
China’s crude oil output inched up to 198.98mn t in 2021, an increase of 2.4pc from 2020 and a 4pc gain from 2019, according to official statistics. This year’s output is expected to top 200mn t, state-controlled Cnooc’s energy and economics research institute forecast in a recent report. Domestic offshore production will expand by 5.4pc this year, to 57.6mn t and account for a record 80pc of China’s total incremental crude output for 2022, according to the report. Nearly all of this will be contributed by Cnooc, as it is China’s offshore-focused oil and gas developer, while bigger peers CNPC and Sinopec concentrate on onshore production, although they also have some offshore assets. Cnooc i
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
