NOC's to sustain growth in 2023
China’s NOCs ride wave of rising demand
From E&P to refining, the state-owned companies are well-positioned for growth and bumper profits
China’s three NOCs—Petrochina, Sinopec and Cnooc—will be looking to sustain last year’s momentum in 2023 by capitalising on an expected uptick in oil and gas demand driven by the reopening of the Chinese economy. This year looks likely to see a return to business as usual in China, as the central government looks to put an unprecedented period behind it. Beijing’s abrupt decision to abandon President Xi Jinping's signature zero-Covid strategy—which prompted mass protests in November—was welcomed across the economy, not least in the energy sector, which contended with weakened oil and gas demand last year. China is poised to account for half of global oil demand growth in 2023, according to t
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
