China National Offshore Oil Corp(CNOOC)on Sunday announced that the cumulative production of offshore oil and gas at the Bohai Oilfield,China's largest offshore crude oil production base,has exceeded 40 million tons of oil and gas equivalent output so far this year,setting a new record and providing solid support for national energy security and high-quality economic and social development.
The Bohai Oilfield is China's largest and most productive offshore oilfield.The oilfield has comprehensively strengthened its production capacity this year,and promoted intelligent drilling and completion processes and the standardized upgrading of engineering systems.Many new projects have been rapidly completed and put into production.The oilfield's conventional production areas have contributed more than 32 million tons of crude oil annually.
By tapping technological breakthroughs,the company's large-scale offshore heavy thermal recovery operations secured an annual output of 2 million tons,according to a CNOOC release sent to the Global Times.
Sun Chuanwang,a professor at Xiamen University,told the Global Times on Sunday that CNOOC's output surpassing 40 million tons signifies a further improvement in China's capacity to increase oil and gas reserves and production,strengthening its resolve to secure its energy supply,and demonstrates the nation's formidable capabilities in high-end marine engineering technology and green,low-carbon transformation.
The output indicates that the country has taken a significant step forward in ensuring energy security,promoting the upgrading of related industries,and achieving sustainable development,Sun said.
Established in 1965,the Bohai Oilfield is the cradle of China's offshore petroleum industry.It has more than 60 operational oil and gas fields and more than 200 production facilities,according to CNOOC.
In the past five years,the oilfield has maintained an average annual oil and gas production growth rate of 5 percent,accounting for nearly 40 percent of the national increase in crude oil production,and becoming a core force supporting the national ramping-up of domestic oil and gas reserves and output.
CNOOC's Bohai Oilfield has contributed more than 600 million tons of crude oil and has developed into China's largest offshore oil production base.
According to the National Energy Administration,China's oil and gas production is expected to reach a new high in 2025,with crude oil production potentially reaching a record high of 215 million tons,natural gas production could reach 260 billion cubic meters.A Chinese expert noted the capacity,further consolidating China's position as the world's fourth-largest natural gas producer.
Luo Liangcai,an industry expert at the CNPC Economic&Technology Research Institute,told the Global Times at the 2025 International Energy Executive Forum,which was held in Beijing on December 11 and 12,that China's record-high oil and gas production can be attributed to three factors:success in tapping ultra-deep,offshore and unconventional oil and gas resources,scientific innovation,and technological upgrades.
Most importantly,there has been a significant increase in investment in oil and gas exploration and development,Luo said.
During the 14th Five-Year Plan(2021-25)period,China's investment in upstream oil and gas exploration and development continued to increase,with average annual investment about 48 percent higher than during the 13th Five-Year Plan(2016-2020)period,resulting in a significant increase in investment intensity,according to Luo.
