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7 Pages

What future for the IOCs in China?

What future for the IOCs in China?

Report summary

The large IOCs have traditionally been offered the most technically demanding upstream projects in China - from offshore to tight, sour and deepwater gas, and then to shale. But the Chinese NOCs have enjoyed significant recent success in their own operated endeavours in both deepwater and shale, which raises a crucial question – what is the future role of the IOCs? Although capital spend and production from IOC-led projects is on the rise – net output should rise by a third to just under 220 kboed by 2019 - the future project pipeline is bare. We analyse the role of the large IOCs across China's different upstream sectors and the outlook for new large-scale opportunities, particularly from forthcoming energy policy reform and the emergence of new local partners.

What's included?

This report includes 2 file(s)

  • What future for the IOCs in China? PDF - 661.85 KB 7 Pages, 0 Tables, 6 Figures
  • IOCs in China.xls XLS - 611.50 KB


This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

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  • Executive summary
  • The most challenging developments in China
    • Rising capital spend by the IOCs
  • Tight and sour gas – a mixed result?
  • Deepwater exploration – who needs the IOCs?
  • Chinese shale – we're not in Kansas anymore
    • Where next for shale development?
  • 'Marketisation' – the new hope?

In this report there are 6 tables or charts, including:

  • Executive summary
  • The most challenging developments in China
    • Chart 1: Forecast of large-cap IOC net Chinese production (kboed)
    • Chart 2: Forecast of large IOC net Chinese capital expenditure (US$ million)
  • Tight and sour gas – a mixed result?
    • Diagram 1: IOC-led tight and sour gas project details and timelines
  • Deepwater exploration – who needs the IOCs?
    • Chart 3: IOC-led DW wildcats in China 2008-2015
    • Chart 4: CNOOC 100% DW wildcats in China 2008-2015
  • Chinese shale – we're not in Kansas anymore
    • Diagram 2: Timeline of IOC shale JSAs awarded / relinquished (2007-2015)
  • 'Marketisation' – the new hope?
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