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Chinese oil giants plan to increase resource reserve and production in 2019

January 25, 2019


Abstract : China National Petroleum Corporation (CNPC), Sinopec, and China National Offshore Oil Corporation (CNOOC), China's top three oil companies plan to increase oil resource reserves and production in 2019, according to the companies' annual work...

BEIJING, Jan. 25 (Xinhua) -- China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC), China's top three oil companies plan to increase oil resource reserves and production in 2019, according to the companies' annual work conference held recently.

CNPC will enhance risk exploration development and increase investment for risk exploration from 1 billion yuan to 5 billion yuan in 2019, a staff from CNPC told the reporter from Shanghai Securities News.

CNPC has been improving its risk exploration development since 2018, achieving six major strategic breakthroughs in its oil and gas fields  in China.

Meanwhile, Sinopec will strive to reduce cost for oil and gas resources exploration in domestic market as well as to strengthen asset operation and management in overseas market, while CNOOC will make efforts to achieve a quality and high-efficiency of reserve and production increase.

The increase of resource reserve and production of the three oil companies will ensure China's energy self-sufficiency, especially to enhance the supply of oil, according to Pang Changwei, an researcher from China University of Petroleum. (Edited by Jiang Feifan)

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Keyword: CNOOC Sinopec CNPC China-Energy

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