Country Report
China upstream summary
Report summary
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.
Table of contents
- Executive summary
- Key facts
- Location maps
- Key companies
-
Geology
-
Introduction
- Offshore
- Onshore
-
Introduction
-
Exploration
- Licensing
- Recent licensing
- Historic licensing
-
Drilling
- Drilling activity
- Future drilling plans
-
Reserves and resources
- Liquids
- Gas
-
Production
- Liquids
- Gas
-
Infrastructure
- Introduction
-
Oil infrastructure
- Northwest China
- North and Northeast China
-
Gas infrastructure
- West East gas infrastructure
- Southwest China
- Offshore China
-
Costs
- Introduction
-
Capital costs
- Capital expenditure by location
-
Policy and regulation
- Key legislation
-
Regulatory body
- State Council
- National Development Reform Commission (NDRC)
- Ministry of Natural Resources (MNR)
- Ministry of Commerce (MOFCOM)
- Others
-
State oil company
- China National Petroleum Corporation (CNPC)
- China Petrochemical Corporation (Sinopec Group)
- China National Offshore Oil Corporation (CNOOC)
- State participation
- Licensing
- Joint Study Agreements
-
Fiscal terms
-
Overview
- Upstream
- Midstream
- Current fiscal terms
-
Production Sharing Contracts
- State Equity Participation
- Bonuses, Rentals and Fees
- Resource Tax & Royalty Surcharge
- Royalty
- Value Added Tax (VAT)
- Export Oil Levy
- Domestic Market Obligation
- Product Pricing
- Cost Recovery
- Profit Sharing
- Corporate Income Tax
- Special Oil Levy (Windfall Profit Tax)
- Abandonment cost
- Dividend Withholding Tax
- Fiscal/Contractual Ring Fences
- Sample Cash Flows
- Marginal Government Take
-
Concession (State Company Operations)
- CNOOC Ltd
- PetroChina/Sinopec
-
Overview
Tables and charts
This report includes 64 images and tables including:
- Key facts: Table 1
- Country Map
- Reserves and contingent resources at 01/01/2024
- Liquids and Gas Production 2023
- Liquids and Gas Production and Reserves
- Exploration: Table 1
- Liquid Reserves by Sector
- Liquid Reserves by Basin
- Gas Reserves by Sector
- Gas Reserves by Basin
- Reserves and resources: Table 1
- Reserves and resources: Table 2
- Liquids Production by Sector
- Production: Table 1
- Production: Table 2
- Liquid Production by Basin
- Production: Table 3
- Production: Table 4
- Liquids Production by Development Status
- Production: Table 5
- Production: Table 6
- Production: Table 7
- Production: Table 8
- Gas Production by Region
- Production: Table 9
- Production: Table 10
- Gas Production by Basin
- Production: Table 11
- Production: Table 12
- Gas Production by Development Status
- Production: Table 13
- Production: Table 14
- Production: Table 15
- Production: Table 16
- Oil Pipeline Systems in China
- Infrastructure: Table 1
- Gas Pipeline Systems in China
- Infrastructure: Table 2
- Policy and regulation: Table 1
- Policy and regulation: Table 2
- Map of Basins
- China Map of Regions
- Costs: Table 1
- Costs: Table 2
- Fiscal terms: Table 1
- Fiscal terms: Table 2
- Fiscal terms: Table 3
- Fiscal terms: Table 4
- Fiscal terms: Table 5
- Fiscal terms: Table 6
- Fiscal terms: Table 7
- Fiscal terms: Table 8
- Fiscal terms: Table 9
- Fiscal terms: Table 10
- Fiscal terms: Table 11
- Fiscal terms: Table 12
- Fiscal terms: Table 13
- Fiscal terms: Table 14
- Fiscal terms: Table 15
- Fiscal terms: Table 16
- Fiscal terms: Table 17
- Fiscal terms: Table 18
- Fiscal terms: Table 19
- Fiscal terms: Table 20
What's included
This report contains:
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