China National Offshore Oil reaches historical high

Oil and gas production of China National Offshore Oil Corp reached a historical high last year and has further ensured domestic energy security, the company said on Thursday during a press conference in Beijing.

Oil and gas production reached 120 million tons of oil equivalent last year, with domestic crude oil and natural gas production up by 3.39 million tons and 2.7 billion cubic meters year-on-year, respectively. The increase in crude oil production accounted for over 60 percent of the country's total increase, it said.

The company produced 14.62 million tons of refined oil products last year and imported 26.69 million tons of LNG. Overseas oil and gas production rose to 46.24 million tons of oil equivalent in 2023 as the company continuously strengthens international energy cooperation while optimizing asset layout in countries and regions participating the Belt and Road Initiative, it said.

CNOOC currently owns 43 assets in 22 countries overseas and the proportion of oil and gas production in the Belt and Road region has increased to 31 percent of the total overseas oil and gas production, it said.