Oil Reserves26 billion barrels
Oil Production3.98 million bopd
Gas Reserves8.4 tcm
Gas Production209.2 bcm
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.
Abu Dhabi has awarded the Bab Gas Cap development and production concession to an ADNOC-led consortium of international companies.
READ MORE
Energy Fuels has secured a 20-year, USD 725-million loan commitment from the US administration to expand rare earths processing…
READ MORE
Josh Sherman of the Houston Producers Forum talks about Houston’s growing pull as energy security concerns and growing LNG and…
READ MORE
Alcídio José of Ozango Minerais talks about the global dynamics around rare earths that are bringing fresh investor interest to Angola's Longonjo project.
READ MORE
ADNOC Drilling is prepared to expand the UAE’s oil production capacity beyond 5 million bopd by 2027 as the country advances upstream growth plans.
READ MORE
Iqrar Husain of Quippo Oil and Gas talks about delivering projects in India’s most challenging terrains and the company's investment priorities.
READ MORE
SLB OneSubsea has won a deepwater EPC contract from CNOOC for a 20-well subsea development in China.
READ MORE
China Petroleum Engineering & Construction Company (CPECC) and China Petroleum Engineering Company (CPE) have allegedly completed their merger, TOGY has…
READ MORE
On Friday, China’s Ministry of Finance announced the extension of tax waivers for equipment integral to drilling and production endeavours. Both import tariffs and…
READ MORE
On Wednesday, Technip announced it had received a services contract by SOCAR GPC for cryomax and ethylene technology licenses for the Oil and Gas Processing and…
READ MORE
Production figures for PetroChina’s Changning-Weiyuan block were announced by parent company CNPC on Tuesday, in excess of originally forecasted levels.
Annual…
READ MORE
National Iranian Oil Company has unveiled its list of close to 30 international exploration and production companies eligible for work in Iran, the Ministry of…
READ MORE
China’s Ministry of Commerce has decided that the country’s four state majors will be allowed to sell 12.4 million tonnes of petrol, gasoil and jet fuel to…
READ MORE
Petronas intends to replace a contested bridge at the proposed Pacific NorthWest LNG site in Canada in order alleviate local concerns, according sources familiar with…
READ MORE
PetroChina will cut capital spending on its Daqing oilfield by 20% compared to the previous year, the NOC announced in a statement on Wednesday.
Although investment…
READ MORE
TOGY talks to Lord Sassoon, China-Britain Business Council chairman, about the evolving relationship between the UK and China, the country’s shifting economic…
READ MORE
Sino Gas & Energy Holdings on Wednesday announced that coal-bed methane production from its fields had increased. The rise in production is in keeping with…
READ MORE
