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Petroleum

China's Offshore Oil Production Surges 200-Fold in 15 Years

Strategic Insights

— 1 min read

China's offshore oil production has experienced a remarkable growth over the past 15 years, with the China National Offshore Oil Corporation (CNOOC) leading the charge. According to reports, the CNOOC's offshore oil production has increased by over 200 times since 1982, with the company extracting 20.33 million tons of oil equivalent in 1997. This rapid expansion has been attributed to the company's cooperation with overseas partners, which has attracted significant foreign investment.

Key Takeaways:

  • China's offshore oil production has grown over 200 times in the past 15 years, with the CNOOC's annual production increasing from less than 100,000 tons in 1982 to 20.33 million tons in 1997.
  • The CNOOC has signed 137 petroleum contracts and agreements with 68 overseas oil companies from 18 countries and regions for oil exploration and development, attracting at least seven billion U.S. dollars of overseas capital.
  • Over three billion U.S. dollars of the attracted capital has been used for exploration, with the company now implementing 41 oil contracts and agreements with 37 foreign companies, including Chevron, Texaco, and Royal Dutch Shell.
  • The CNOOC's cooperation with overseas partners has enabled the company to build the world-class Nanhai petrochemical project in the Guangdong city of Huizhou, China's largest Sino-foreign cooperative project, with a total contracted investment of around 4.5 billion U.S. dollars.
  • China's offshore oil exploration has expanded to 21 provinces and autonomous regions, including 11 southern provinces and autonomous regions opened in 1985 and 10 northern provinces and regions opened in 1992.

Statistics:

  • China's offshore oil production increased from less than 100,000 tons in 1982 to 20.33 million tons in 1997, a surge of over 200 times.
  • The CNOOC extracted 16.28 million tons of oil and 4.05 billion cubic meters of natural gas in Chinese waters in 1997.
  • The company has attracted at least seven billion U.S. dollars of overseas capital, with over three billion U.S. dollars used for exploration.
  • The CNOOC has signed 137 petroleum contracts and agreements with 68 overseas oil companies from 18 countries and regions.
  • The Nanhai petrochemical project has a total contracted investment of around 4.5 billion U.S. dollars.

Sources:

  • "Business Weekly"
  • XINHUA (official news agency of the People's Republic of China)
  • COMTEX (news provider)

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