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
10 December 2024
Sector at economic and strategic crossroads, but clear path ahead for midstream additions
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
The country's fifth and sixth oil and gas bid rounds have attracted a range of new players with gas as well as oil ambitions—and there’s a seismic shift in the contracting process
28 November 2024
Iraq is charting a new path for its indigenous resources and its youth, hoping to electrify the future with a mix of reforms and modernisation to fuel growth
