Name: China upstream summary
Brand: Wood Mackenzie
SKU: 15390
Price: 11340 USD
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Author: Wood Mackenzie

Country Report 20 December 2024

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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National Oil Companies continue to explore and develop - In 2022, China's oil and gas import dependency was 71% and 40%, respectively. To boost energy security, China's NOCs have set seven-year plans from 2019 to 2025 to upgrade domestic reserves and production. Securing more domestic oil and gas supplies is still the top priority for NOCs despite a national carbon neutrality target set in 2020. Higher-risk exploration will remain a focus.</div>
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                <div class="col small-12 large-4 push--bottom">
                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Executive summary
    </li>

<li class="list__item-toggle font-semibold">
        Key facts
    </li>

<li class="list__item-toggle font-semibold">
        Location maps
    </li>

<li class="list__item-toggle font-semibold">
        Key companies
    </li>

<li class="list__item-toggle">
        <a href="#39a76c73-9e06-4df0-b031-d676db3ab88c" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="39a76c73-9e06-4df0-b031-d676db3ab88c" aria-expanded="false">
            Geology
        </a>
        <ul id="39a76c73-9e06-4df0-b031-d676db3ab88c" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Introduction
            <ul id="1c90ce8a-7120-4d88-adc3-9c74d02a11b6" class="push-half--left">
                    <li class="push-quarter--bottom">
        Offshore
    </li>
    <li class="push-quarter--bottom">
        Onshore
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#075f904e-6d57-46ea-a0b6-3ca25112f88d" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="075f904e-6d57-46ea-a0b6-3ca25112f88d" aria-expanded="false">
            Exploration
        </a>
        <ul id="075f904e-6d57-46ea-a0b6-3ca25112f88d" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Licensing
    </li>
    <li class="push-quarter--bottom">
        Recent licensing
    </li>
    <li class="push-quarter--bottom">
        Historic licensing
    </li>
    <li class="push-quarter--bottom">
        Drilling
            <ul id="a90cab92-03f4-4b45-91aa-690533f136a7" class="push-half--left">
                    <li class="push-quarter--bottom">
        Drilling activity
    </li>
    <li class="push-quarter--bottom">
        Future drilling plans
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#609e6300-be5f-47e7-a44a-2361473f831b" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="609e6300-be5f-47e7-a44a-2361473f831b" aria-expanded="false">
            Reserves and resources
        </a>
        <ul id="609e6300-be5f-47e7-a44a-2361473f831b" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Liquids
    </li>
    <li class="push-quarter--bottom">
        Gas
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#732436cb-ace1-456c-929b-fb72554728c2" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="732436cb-ace1-456c-929b-fb72554728c2" aria-expanded="false">
            Production
        </a>
        <ul id="732436cb-ace1-456c-929b-fb72554728c2" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Liquids
    </li>
    <li class="push-quarter--bottom">
        Gas
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#41cdd22e-32b2-45ba-8dc6-8ac4e78c8634" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="41cdd22e-32b2-45ba-8dc6-8ac4e78c8634" aria-expanded="false">
            Infrastructure
        </a>
        <ul id="41cdd22e-32b2-45ba-8dc6-8ac4e78c8634" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Introduction
    </li>
    <li class="push-quarter--bottom">
        Oil infrastructure
            <ul id="f2fbf0b8-a3b9-47c3-93c4-cbfebfe3f3d7" class="push-half--left">
                    <li class="push-quarter--bottom">
        Northwest China
    </li>
    <li class="push-quarter--bottom">
        North and Northeast China
    </li>

</ul>
    </li>
    <li class="push-quarter--bottom">
        Gas infrastructure
            <ul id="dc9725d8-bea6-4721-be8e-7c4cbb0ed547" class="push-half--left">
                    <li class="push-quarter--bottom">
        West East gas infrastructure
    </li>
    <li class="push-quarter--bottom">
        Southwest China
    </li>
    <li class="push-quarter--bottom">
        Offshore China
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#957254a6-6074-4ac7-9abd-99ca583992a6" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="957254a6-6074-4ac7-9abd-99ca583992a6" aria-expanded="false">
            Costs
        </a>
        <ul id="957254a6-6074-4ac7-9abd-99ca583992a6" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Introduction
    </li>
    <li class="push-quarter--bottom">
        Capital costs
            <ul id="41c063d8-8b46-4c38-8f1d-1805b84677c1" class="push-half--left">
                    <li class="push-quarter--bottom">
        Capital expenditure by location
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#fe31447c-746f-45f3-a844-00923c0768a4" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="fe31447c-746f-45f3-a844-00923c0768a4" aria-expanded="false">
            Policy and regulation
        </a>
        <ul id="fe31447c-746f-45f3-a844-00923c0768a4" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Key legislation
    </li>
    <li class="push-quarter--bottom">
        Regulatory body
            <ul id="c30f870f-2703-4918-98bd-c7db8992028f" class="push-half--left">
                    <li class="push-quarter--bottom">
        State Council
    </li>
    <li class="push-quarter--bottom">
        National Development Reform Commission (NDRC)
    </li>
    <li class="push-quarter--bottom">
        Ministry of Natural Resources (MNR)
    </li>
    <li class="push-quarter--bottom">
        Ministry of Commerce (MOFCOM)
    </li>
    <li class="push-quarter--bottom">
        Others
    </li>

</ul>
    </li>
    <li class="push-quarter--bottom">
        State oil company
            <ul id="4ce6be67-0b88-49fc-9114-9fcf51ebf4d9" class="push-half--left">
                    <li class="push-quarter--bottom">
        China National Petroleum Corporation (CNPC)
    </li>
    <li class="push-quarter--bottom">
        China Petrochemical Corporation (Sinopec Group)
    </li>
    <li class="push-quarter--bottom">
        China National Offshore Oil Corporation (CNOOC)
    </li>

</ul>
    </li>
    <li class="push-quarter--bottom">
        State participation
    </li>
    <li class="push-quarter--bottom">
        Licensing
    </li>
    <li class="push-quarter--bottom">
        Joint Study Agreements
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#6f91779c-86a4-469b-8090-c4384fb516c0" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="6f91779c-86a4-469b-8090-c4384fb516c0" aria-expanded="false">
            Fiscal terms
        </a>
        <ul id="6f91779c-86a4-469b-8090-c4384fb516c0" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Overview
            <ul id="dbdff2d5-9698-418f-b382-e465cd0531d1" class="push-half--left">
                    <li class="push-quarter--bottom">
        Upstream
    </li>
    <li class="push-quarter--bottom">
        Midstream
    </li>

</ul>
    </li>
    <li class="push-quarter--bottom">
        Current fiscal terms
    </li>
    <li class="push-quarter--bottom">
        Production Sharing Contracts
            <ul id="0d19f511-aaad-4838-8aef-ca1cb6292e64" class="push-half--left">
                    <li class="push-quarter--bottom">
        State Equity Participation
    </li>
    <li class="push-quarter--bottom">
        Bonuses, Rentals and Fees
    </li>
    <li class="push-quarter--bottom">
        Resource Tax & Royalty Surcharge
    </li>
    <li class="push-quarter--bottom">
        Royalty
    </li>
    <li class="push-quarter--bottom">
        Value Added Tax (VAT)
    </li>
    <li class="push-quarter--bottom">
        Export Oil Levy
    </li>
    <li class="push-quarter--bottom">
        Domestic Market Obligation
    </li>
    <li class="push-quarter--bottom">
        Product Pricing
    </li>

<li>9 more item(s)...</li>
            </ul>
    </li>
    <li class="push-quarter--bottom">
        Concession (State Company Operations)
            <ul id="267db028-4794-4a6c-bf56-07020245cb71" class="push-half--left">
                    <li class="push-quarter--bottom">
        CNOOC Ltd
    </li>
    <li class="push-quarter--bottom">
        PetroChina/Sinopec
    </li>

</ul>
    </li>

</ul>

</div>
                <div class="col small-12 large-4 push--bottom">

<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">Key facts: Table 1</li><li class="list__item push-quarter--bottom">Country Map</li><li class="list__item push-quarter--bottom">Reserves and contingent resources at 01/01/2025</li>
     </ul>
    <div>
        <button data-target="#febe62128ead4277bf592d49b0b57cf1"
                class="btn-toc js-toggle-local"
                role="button"
                aria-controls="febe62128ead4277bf592d49b0b57cf1"
                aria-expanded="false">
            View more tables and charts in this report
        </button>
        <ul class="list list--bullets panel-toggle" id="febe62128ead4277bf592d49b0b57cf1">
            <li class="list__item push-quarter--bottom">Liquids and Gas Production 2023</li><li class="list__item push-quarter--bottom">Liquids and Gas Production and Reserves</li><li class="list__item push-quarter--bottom">Exploration: Table 1</li><li class="list__item push-quarter--bottom">Liquid Reserves by Sector</li><li class="list__item push-quarter--bottom">Liquid Reserves by Basin</li><li class="list__item push-quarter--bottom">Gas Reserves by Sector</li><li class="list__item push-quarter--bottom">Gas Reserves by Basin</li><li class="list__item push-quarter--bottom">Reserves and resources: Table 1</li><li class="list__item push-quarter--bottom">Reserves and resources: Table 2</li>
                <li>52 more item(s)...</li>
        </ul>
        
    </div>

</div>

<div class="col small-12 large-4 push--bottom">
                    
<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Country Overview</p>
<p class="uppercase delta">
    <span>PDF</span>
    <span>23.78 MB</span>
</p>
</li></ul>
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