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China creates two-tier oil dynamic
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
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New discoveries and stabilisation of legacy fields’ output have helped China reverse the decline and be a top-five producer in recent years
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The strategic importance of vast untapped oil and gas reserves and key shipping routes has come in from the cold
Cheap gas key to unlocking new markets
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Do not underplay China’s long-term gas growth narrative
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China’s critical gas position
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Bad omens for Chinese oil demand
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Taiwan’s energy dependencies laid bare
Renewed China tensions threaten island’s inflows of oil and gas from overseas
US-China trade war will have limited impact
Tariffs likely to compound already weakening energy flows between economic powerhouses and lead to trade being rerouted
The NOCs occupy different but complementary market roles
China Cnooc Sinopec CNPC
Shi Weijun
2 August 2021
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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 combine

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