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The NOCs occupy different but complementary market roles
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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 combi



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