Name: What future for the IOCs in China?
Brand: Wood Mackenzie
SKU: 42714
Price: 1350 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Insight 12 November 2015

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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.

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?

Tables and charts

This report includes the following images and tables:

Chart 1: Forecast of large-cap IOC net Chinese production (kboed)Diagram 1: IOC-led tight and sour gas project details and timelinesChart 3: IOC-led DW wildcats in China 2008-2015

Chart 4: CNOOC 100% DW wildcats in China 2008-2015Diagram 2: Timeline of IOC shale JSAs awarded / relinquished (2007-2015)Chart 2: Forecast of large IOC net Chinese capital expenditure (US$ million)