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Development Of Oil And Gas Fields In China
- Oct 19, 2018 -

Judging from the current market environment, the activities of CNOOC in the field of oil and gas exploration are expected to continue to heat up.

First of all, in August this year, CNOOC held a meeting clearly stated that it would increase oil and gas exploration and development efforts to ensure national energy security. To this end, CNOOC proposed five planning measures, including:

Increase the new proven oil and gas reserves in China, and firmly promote the "Bohai Oilfield 30 million tons of stable production for 10 years" project;

We should co-ordinate and promote the exploration and development of offshore natural gas and onshore unconventional oil and gas.

We will push ahead with major investment and key oil and gas field projects.

We should do a good job in regional geological research, tackle key technologies, increase reserves discovery, improve reserves substitution rate, and make new breakthroughs in more complex oil and gas reservoirs and deeper sea areas.

Strengthen communication and cooperation with relevant state ministries and local governments to promote the solution of the bottlenecks restricting the effective development of offshore oil and gas resources.

In addition, with the recovery of international oil prices, global oil and gas exploration investment activities ushered in a turning point, from the downward trend in previous years to a growing trend, which is also conducive to China Offshore Oil to increase oil and gas exploration.

In fact, CNOOC announced earlier this year that it would increase its capital expenditure from 50.1 billion yuan in 2007 to 70-80 billion yuan in 2018, an increase of 40-60%. According to CNOOC's target, its reserve replacement rate will exceed 100% in 2018.