China Oil and Gas Exploration and Production Market Volumes and Forecast by Terrain, Assets and Major Companies

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China remains Asia's largest oil and gas producer, with srong upstream resilience driven by national oil companies (NOCs) such as CNPC, Sinopec, and CNOOC. While oil production is set to decline post-2026, natural gas remains stable and central to China's energy transition strategy. Despite geopolitical uncertainty and rising energy security concerns, China continues to invest in mature and offshore fields, supported by enhanced oil recovery (EOR) and reinvestment into low-cost projects. However, exploration is largely internal, licensing is limited, and M&A activity remains domestic and modest.

With declines in onshore production being offset by a ramp-up in offshore and deepwater expansion, Indonesia is keen to continue its E&P activities, and incentivize domestic, and outside investment to do the same. Projects like Geng North, Gendalo-Galang, and renewed investments in Tangguh, will keep up production levels, while ultra-deepwater projects continue to come online.
Today, Pertamina dominates the hydrocarbon sector in Indonesia, but Eni’s acquisitions and drastic growth could reflect a change in market dynamics. Despite all the challenges, Indonesia’s commitment to technological advances to work on maturing fields to increase outputs, increased investments, and ET goals, maintains their status in Southeast Asia, and global energy markets.

Scope

In-depth analysis of China's exploration and production sector. It covers crude oil and natural gas production, with focus on major oil developments, licesnsing rounds, and M&A activity.

Reasons to Buy

Comprehensive, data-driven, timely, region-specific, strategic, insightful, forward-looking, geopolitical, investment-focused, and energy transition.

CNPC - China National Petroleum Corporation
CNOOC - China National Offshore Oil Corporation
Sinopec
China Petroleum Corporation
Brightoil Petroleum
Xinjiang Haoyuan Natural Gas
PetroChina
Guangxi Haichuan Energy
Qingdao Kunlun Yongchang Energy
Guangxi Tiansheng Port

Table of Contents

1. Executive Insights

2. Oil and Condensate Production Outlook

3. Natural Gas Production Outlook

4. Development Outlook

5. Exploration

6. Bidding & Licensing

7. Mergers & Acquisitions

8. Takeaway

Table

China, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2023-2029 8

China, Marketed Natural Gas Production by Terrain (mmcfd), 2023-2029 9

China, Gross Crude Oil and Condensate Production (bd), by Assets, 2023-2029 11

China, Marketed Natural Gas Production (mmcfd), by Assets, 2023-2029 14

China, Net Entitlement Crude Oil and Condensate Production (bd), by Major Companies, 2023-2029 17

China, Net Entitlement Natural Gas Production (mmcfd), by Major Companies, 2023-2029 20

China, Upcoming Oil and Gas Field Assets Details 22

China, Recently Licensed Block Details 25

Recent Contracts 26

Recent M&A Activity 33

Figures

Figure 1: China, Crude Oil Production (bd) by Terrain

Figure 2: Top Fields in China by Crude Oil Production

Figure 3: China, Natural Gas Production (bd) by Terrain

Figure 4: Top Fields in China by Natural Gas Production

Figure 5: China, Upcoming Oil & Gas Projects

Figure 6: China, Net Oil Entitlement (mbd) by Major Companies

Figure 7: China, Net Gas Entitlement (mmcfd) by Major Companies

Figure 8: China, Blocks Offered for License, Jan '24 – Dec ' 24

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