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