Domestic oil and gas production equivalent is set to exceed 390 million tons in 2023, maintaining a rapid growth momentum for 7 consecutive years. According to the National Energy Administration, this growth represents an average annual growth rate of 1,170 million tons of oil equivalent, marking a new peak period for production growth.
Liu Hong, director of the Petroleum and Natural Gas Department of the National Energy Administration, stated that crude oil production will reach 208 million tons in 2023, marking a substantial increase compared to previous years. Offshore crude oil production has played a key role in this increase, accounting for more than 60% of the country’s increased oil production for four consecutive years. In addition, there have been significant advancements in shale oil exploration and development, with multiple large deep oil fields efficiently built and a production of 11.8 million tons in 2023.
Natural gas production is also on the rise, reaching 230 billion cubic meters in 2023. The main areas for increasing production include the three major basins of Sichuan, Ordos, and Tarim, with unconventional natural gas production accounting for 43% of total natural gas production.
Moreover, on the basis of stabilizing oil and gas resources, oil and gas development enterprises are accelerating the pace of integrated development with new energy. Shengli Oilfield has built the first integrated source, grid, load, and storage energy system with independent intellectual property rights in the oil and gas field. Additionally, my country’s first deep-sea floating wind power platform “CNOOC Guanlan” has been successfully integrated into the power grid of the Wenchang Oilfield Group, delivering green power to offshore oil and gas fields.
These developments mark a significant step forward in integrating traditional oil and gas production with comprehensive energy development and utilization, as well as new material manufacturing bases. The industry is also making strides in the transformation and upgrading of energy, production, supply structure and other fields, with several notable achievements.
This substantial growth in oil and gas production signifies a key milestone in my country’s energy sector and solidifies its position as a global leader in the oil and gas field. The advancements in new energy integration and production signify a shift towards more sustainable and efficient energy practices.