China’s NOCs ride wave of rising demand

From E&P to refining, the state-owned companies are well-positioned for growth and bumper profits

China’s three NOCs—Petrochina, Sinopec and Cnooc—will be looking to sustain last year’s momentum in 2023 by capitalising on an expected uptick in oil and gas demand driven by the reopening of the Chinese economy. This year looks likely to see a return to business as usual in China, as the central government looks to put an unprecedented period behind it. Beijing’s abrupt decision to abandon President Xi Jinping's signature zero-Covid strategy—which prompted mass protests in November—was welcomed across the economy, not least in the energy sector, which contended with weakened oil and gas demand last year. China is poised to account for half of global oil demand growth in 2023, according to t