China have produced 204 million tons of crude oil in 2022

The National Energy Administration (NEA) recently learned that in 2022, China will vigorously promote exploration and development with a focus on hard and stable production of old oilfields, rapid breakthrough of new oilfields and rapid production of sea areas, with crude oil output reaching 204 million tons. By stepping up exploration and development of new gas fields, maintaining the dominant position of conventional natural gas, and promoting rapid production of unconventional gas, China's natural gas output reached 220 billion cubic meters, with annual output growth exceeding 10 billion cubic meters for six consecutive years. We will accelerate a number of major projects to ensure supply, adjust the structure and maintain steady growth, and we expect to invest about 2 trillion yuan in key energy projects this year.

In 2022, oil and gas producers will continue to strengthen exploration and development, increase storage and production, and improve their self-sufficiency in oil and gas. Daqing Oilfield has achieved stable production of 30 million tons for eight consecutive years, and Shengli Oilfield has achieved stable production of over 23.4 million tons for six consecutive years. Sulige Gas Field highlighted technological innovation and enhanced efficiency to build production, and its output exceeded 30 billion cubic meters. Offshore efforts were carried out to adjust the potential of old gas fields, take measures to control inefficient Wells, and accelerate the construction of new gas fields, with natural gas output exceeding 20 billion cubic meters for the first time.

According to reports, this year will continue to promote oil and gas production increase and supply. We will maintain steady production in key basins and sea areas, accelerate the rapid production of unconventional oil and gas, and promote major pipeline projects such as the middle part of the third-tier west-east natural gas pipeline and the building of oil and gas reserve capacity. In the energy sector, a number of projects will be planned to shore up weak areas, strengthen the foundation and benefit the long-term.