The report expects China’s offshore crude oil production to rise to 57.6 million tons in 2022

China News Service Beijing, January 14 (reporter Wang Enbo) China’s offshore oil and gas output will continue to increase in 2022. Crude oil output is expected to reach 57.6 million tons, up about 5.4% year-on-year, accounting for about 80% of China’s increase in crude oil, according to the “China Offshore Energy Development Report 2021” released by the Energy Economics Research Institute of Cnooc in Beijing on Thursday.

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Li Kuiwen, spokesman of the General Administration of Customs, speaks at a press conference on Imports and exports in 2021 in Beijing, Capital of China, Jan. 14, 2019. Photo: China News Service/Yang Kejia

Offshore oil and gas production has become an important energy growth pole, with Asia in particular leading the global recovery in offshore exploration, the report said. From a regional perspective, more than half of the offshore exploration Wells are concentrated in Asia, with China’s waters being one of the most active areas for exploration activities. The newly launched offshore oil and gas projects are mainly distributed in Asia Pacific and Europe. China’s offshore oil and gas projects rank fourth, and CNOOC’s offshore oil and gas projects rank first among global oil companies.

The report predicts that in 2021, China’s offshore crude oil output will reach 54.64 million tons and natural gas output 19.6 billion cubic meters, up 5.8% and 5.4% year on year, respectively. The increase in offshore crude oil will account for more than 80% of China’s total increase, hitting a record high. The development of offshore natural gas resources is gradually moving towards deep water and ultra-deep water, with steady growth in output.

The report predicts that in 2022, while offshore crude oil continues to maintain the leading position in oil increment, China’s offshore natural gas production will also exceed 20 billion cubic meters, up about 6.7% year-on-year, accounting for about 12% of the country’s natural gas increment. The utilization rate of China’s offshore oil and gas equipment is better than that of the international market. The utilization rate of FPSO(floating production, storage and unloading unit), three-use work ship and platform supply ship is higher than 90%, and the utilization rate of drilling equipment is expected to reach 75%.

In particular, the report pointed out that the Chinese market has recovered strongly and supply and demand remain in good shape amid a global glut of offshore oil and gas equipment. Under the current new round of industrial revolution and the vision of carbon neutrality, the energy industry transformation will continue to intensify, the development of renewable energy will accelerate, and Marine energy will become the biggest growth point. (after)

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