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China Overview

China

in figures

Oil Reserves26 billion barrels

Oil Production3.98 million bopd

Gas Reserves8.4 tcm

Gas Production209.2 bcm

China: A central figure

China boasts the second largest economy and largest population in the world. In addition, the country occupies the top spot in crude oil imports and the fourth spot in production figures, making it a central figure in the global energy markets. Three national oil companies in China, China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec Corporation) and China National Offshore Oil Corporation (CNOOC), account for the lion’s share of upstream and downstream oil and gas activity in the country.

Currently, China is undergoing a shift in focus from a country with economic drivers based in manufacturing and heavy industries to one based in services and domestic consumption. Adding to the nation’s economic shift, the Chinese government is determined to curb environmental pollution by switching its heavy reliance on coal burning to cleaner energy sources such as natural gas.

New contract moves Guyana closer to FPSO target
NEWS
New contract moves Guyana closer to FPSO target
Guyana - January 12, 2024

Jumbo Offshore has signed a contract with Japanese vessel builder MODEC for pre-installation of the mooring spread of an FPSO…

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Interview
The growth of Angola’s diamond production
Angola - January 08, 2024

José Manuel Ganga Junior, CEO of ENDIAMA, talks to The Energy Year about the company’s shift in strategy to ensure more…

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TotalEnergies to assess mega-projects in Uganda and Tanzania
NEWS
TotalEnergies to assess mega-projects in Uganda and Tanzania
Uganda - January 05, 2024

TotalEnergies has hired former prime minister of Benin Lionel Zinsou to assess its land acquisition programme related to its…

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TechnipFMC bags $1-bln EPCI contract in Brazil
NEWS
TechnipFMC bags $1-bln EPCI contract in Brazil
Brazil - January 04, 2024

TechnipFMC has signed a contract worth more than USD 1 billion with Brazilian NOC Petrobras for integrated EPCI works on the pre-salt Mero 3 high-pressure separation…

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Interview
The chemicals industry’s competitive trends
Kuwait - June 01, 2023

Faisal Malallah, CEO of Al Kout Industrial Projects, talks to The Energy Year about the company’s role in Kuwait’s economy and the trends which are currently…

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Interview
Kuwait’s recent downstream developments
Kuwait - June 01, 2023

Hasan Qabazard, CEO of the Kuwait Catalyst Company, talks to The Energy Year about the impact of the Al Zour refinery on Kuwait and the effect of recent developments on…

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ExxonMobil exits Iraq’s oil and gas plays
NEWS
ExxonMobil exits Iraq’s oil and gas plays
Iraq - January 03, 2024

US energy giant ExxonMobil has formally handed over its shares in Iraq’s West Qurna 1 oilfield to Chinese E&P player PetroChina, Reuters reported on Monday.

The…

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ExxonMobil starts up third FPSO in Guyana
NEWS
ExxonMobil starts up third FPSO in Guyana
Guyana - November 15, 2023

ExxonMobil has begun production at the Payura play in Guyana ahead of schedule, the US energy giant announced on Tuesday.

The Prosperity FPSO is expected to reach…

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Guyana makes new oil and gas discovery
NEWS
Guyana makes new oil and gas discovery
Guyana - October 30, 2023

ExxonMobil and its partners have made another discovery on the Stabroek block in Guyana, Reuters reported on Thursday.

According to the country’s energy ministry,…

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Interview
An attractive renewables landscape
UAE - October 24, 2023

Mothana Bahjeat Qteishat, Jinko Power Technology Company’s vice-president and head of international tenders, talks to The Energy Year about factors attracting…

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