Cnooc aims to launch 13 projects this year
Cnooc set to lead China’s oil output growth
The state-controlled firm is expected to contribute most of the country’s new oil production this year
China’s crude oil output inched up to 198.98mn t in 2021, an increase of 2.4pc from 2020 and a 4pc gain from 2019, according to official statistics. This year’s output is expected to top 200mn t, state-controlled Cnooc’s energy and economics research institute forecast in a recent report. Domestic offshore production will expand by 5.4pc this year, to 57.6mn t and account for a record 80pc of China’s total incremental crude output for 2022, according to the report. Nearly all of this will be contributed by Cnooc, as it is China’s offshore-focused oil and gas developer, while bigger peers CNPC and Sinopec concentrate on onshore production, although they also have some offshore assets. Cnooc i
Also in this section
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
