Asia Viewpoint: by Ma Dongwei

According to statistics from the National Energy Administration in China, China′s oil and gas production in 2024 exceeded 400 mil tons equivalent. For the eighth consecutive year, the country′s production growth was maintained at a fast pace of several tens of millions of tons per year, ensuring steady oil and gas supply.

Crude production reached 213 million tons, an increase of 24 mil tons from 2018. Natural gas production amounted to 246.4 billion cubic meters, increasing by 13 billion cubic meters or more on average for the past six years. Changqing oil field, the largest in China, has produced a total quantity of more than 1 billion tons so far. Production from older oil fields including Daqing and Shengli was also stable.

Offshore and unconventional oil and gas contributed significantly to increase in production. Many new oil and gas fields have been developed with production exceeding 85 mil tons. Further, shale oil production rose rapidly to 6 mil tons, up more than 30% on year. Shale gas production was maintained at 25 billion cubic meters or more. Production of deep coalbed gas increased sharply to 2.5 billion cubic meters in three years, becoming a new highlight of gas production increase.