Oil & Gas

09 Jan 2024

China's Oil Production Rises to 208 Mln Tons in 2023 - CCTV

09 Jan 2024  by reuters   
China's crude oil production rose to 208 million metric tons in 2023, equivalent to 4.16 million barrels per day, state broadcaster CCTV said on Tuesday.

The figure, which according to Reuters' calculations is a 1.6% increase on 2022 output levels, represents an anticipated slowdown in production growth, as China's national oil companies are pushed to tap deeper, more challenging reserves to boost production.

China's domestic oil production averaged 2% annual growth between 2018 and 2022, Reuters records show, as Beijing has sought to step up output amid an energy security drive.

Oil production in China fell by around 12% between 2015 and 2018, as output at mature onshore fields slipped.

Offshore production has accounted for more than 60% of the country's production increases for the last four years, the CCTV report said.

Domestic natural gas production reached 230 billion cubic metres in 2023, the CCTV report said, representing a 5.6% increase over 2022 levels.


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