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.
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China’s National Development and Reform Commission (NDRC) proposed legislation on Wednesday aimed at stimulating the county’s natural gas consumption by lowering…
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BP is reportedly looking for ways to withdraw from its Shanghai SECCO petrochemicals joint venture, industry sources said on Tuesday.
BP, which holds a 50% stake in…
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Japan Oil, Gas & Metals National Corporation (Jogmec) late on Monday announced it had signed a loan guarantee agreement with the Japanese entities involved in…
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