02/04

2020

Dushanzi Petrochemical Facility Operates at Full Capacity, Fully Ensuring Fuel Supply

Dushanzi Petrochemical Facility Operates at Full Capacity, Fully Ensuring Fuel Supply

In recent days, Dushanzi Petrochemical Company has actively implemented epidemic prevention and control measures, strengthening management and monitoring at production sites and critical areas to ensure a steady supply of medical-grade materials and sufficient oil products for the market. On February 1, employees at the Dushanzi Refinery's Control Center were seen wearing masks as they disinfected office equipment on-site. Guo Qiang, Deputy Director of the Hydrocracking Unit at the refinery, explained: "To maintain high-capacity production of essential chemical products like raw materials for mask manufacturing at the ethylene plant, our 2-million-ton-per-year hydrocracking unit has been operating steadily at a load of 210 tons per hour. Through optimized adjustments, it’s now supplying 90 tons of hydrotreated residual oil per hour to the ethylene production unit. Meanwhile, aviation fuel and diesel supplies remain fully adequate to meet demand."

01/20

2020

Energy supply and demand remain stable overall, with significant achievements in energy conservation and consumption reduction.

Energy supply and demand remain stable overall, with significant achievements in energy conservation and consumption reduction.

In 2019, China steadily advanced its new energy security strategy of "Four Revolutions and One Cooperation," focusing on the green and low-carbon transition. The country continued to deepen structural reforms on the supply side of the energy sector, ensuring both reasonable growth in energy output and steady improvements in quality. **I. Energy Production Stabilizes While Gradually Slowing Down** In 2019, China further promoted the optimization and reduction of substandard coal production, while orderly expanding high-quality, advanced energy capacity. At the same time, the nation actively pushed for increased oil and gas reserves and output, as well as enhanced consumption of clean energy. Efforts were also intensified to strengthen energy transportation infrastructure, thereby safeguarding safe energy production and ensuring an effective supply. Meanwhile, China’s strategic efforts to reduce excess coal capacity continued to deepen, leading to a slight deceleration in raw coal production growth. In 2019, large-scale enterprises…

01/15

2020

In 2020, CNOOC's exploration and development investment exceeded 66.3 billion yuan, with production reaching over 520 million barrels of oil equivalent.

In 2020, CNOOC's exploration and development investment exceeded 66.3 billion yuan, with production reaching over 520 million barrels of oil equivalent.

On January 13, CNOOC held its 2020 Business Strategy and Development Plan press conference in Hong Kong. During the event, CNOOC announced that the company’s targeted net oil and gas production for 2020 would reach 520 million to 530 million barrels of oil equivalent, representing a year-on-year increase of 3.34% to 5.37%. Of this total, approximately 64% will come from China, while overseas operations will account for about 36%. CNOOC noted that its net oil and gas production in 2019 is expected to exceed the initial annual target, reaching around 503 million barrels of oil equivalent. Looking ahead, CNOOC forecasts its net oil and gas output to climb further to approximately 555 million barrels of oil equivalent in 2021 and 590 million barrels of oil equivalent in 2022. Notably, the share of domestic oil and gas production is projected to decline to 59%, while overseas production is set to rise to 41%. In 2020, CNOOC has allocated a total capital expenditure budget of RMB 85 billion to RMB 95 billion. Among these expenditures, investments in exploration, development, production, and other areas are expected to account for roughly 20%, 58%, 20%, and 2% of the total, respectively. Based on this breakdown, CNOOC’s planned capital spending on exploration and development in 2020 is estimated at RMB 66.3 billion to RMB 74.1 billion, reflecting an increase of nearly 20% compared to the previous year. For reference, in 2019, CNOOC’s total capital expenditure was between RMB 70 billion and RMB 80 billion, with exploration and development investments accounting for a combined 79%, totaling RMB 55.3 billion to RMB 63.2 billion. In 2020, CNOOC plans to drill 227 exploration wells and acquire approximately 27,000 square kilometers of 3D seismic data. The company also anticipates the commissioning of ten new projects throughout the year, including adjustments to Area 4 of the Penglai 19-3 oilfield and Phase II of the Penglai 19-9 oilfield in China’s offshore waters, as well as the first phase of the Qinhuangdao 33-1 South Oilfield, the pilot development area of the Bohong 19-6 condensate gas field, the joint development project involving Luda 16-3 and 21-2, and the S1 well area of the Nanbao 35-2 oilfield, among others. CNOOC Chief Financial Officer Xie Weizhi emphasized that the company will continue to maintain competitive per-barrel oil costs, uphold prudent investment decisions, and ensure that capital expenditures are executed efficiently according to plan. According to CNOOC’s financial report for the first half of 2019, the company’s key cost per barrel of oil fell below $30, reaching $28.99/barrel—a further 8.9% decrease year-on-year. CNOOC CEO and President Xu Keqiang stated that in 2020, the company will steadily boost its oil and gas reserves and production, focusing on achieving profitable growth in both reserves and output. CNOOC also highlighted that technological advancements hold the potential to unlock vast reserves of heavy crude oil. Currently, the company has identified approximately 600 million tons of heavy oil reserves in the Bohai Sea region, yet only about 100 million tons have been developed so far. Thermal recovery methods are currently contributing less than 100,000 tons annually to production.

11/01

2019

Experts and scholars gather in Shandong to explore new pathways for high-quality development in the petrochemical industry.

Experts and scholars gather in Shandong to explore new pathways for high-quality development in the petrochemical industry.

China News Service, Linzi, Shandong, August 17 (Sun Hongyuan) — More than 300 participants, including representatives from the petrochemical industry, Fortune Global 500 companies, and university scholars and experts, gathered on the 17th at Qilu Chemical Industrial Park, China's third specialized chemical park, to discuss national industrial policies and trends in the petrochemical sector. Together, they explored development pathways for traditional chemical enterprises seeking transformation and upgrading, as well as strategies for achieving high-quality growth in the petrochemical industry.

08/19

2019

China Leads Global Renewable Energy Development

China Leads Global Renewable Energy Development

According to the website of the Italian Institute for International Affairs, China is increasingly asserting its prominence in the renewable energy sector and is emerging as a key player in driving the global shift toward a more sustainable energy structure.

08/02

2019

New Trends in Global Refining and Chemical Integration Development

New Trends in Global Refining and Chemical Integration Development

Integrated refining and chemical operations have evolved from a simple, fragmented form of integration into a comprehensive, tightly coordinated system where refining and petrochemical facilities mutually supply materials, share energy resources and utility services. This integrated approach has become a strategic choice for both domestic and international refining companies—enabling them to optimize resource allocation, reduce investment and production costs, enhance product value-added, accelerate transformation and upgrading, and ultimately boost profitability.

08/02

2019

The trend toward scaling up and clustering in China's petrochemical industry is becoming increasingly evident.

The trend toward scaling up and clustering in China's petrochemical industry is becoming increasingly evident.

In June 2019, the Quanzhou Development and Reform Commission released the environmental impact assessment for the overall development plan of Fujian’s Meizhou Bay Petrochemical Base. According to the plan, by 2030, the Meizhou Bay Petrochemical Base will have an annual refining capacity of 62 million tons, an ethylene production capacity of 6.63 million tons, and an aromatics output of 7 million tons—making it the largest refining facility in China in terms of refining capacity.

07/22

2019

Energy development achieves a historic transformation—energy conservation and consumption reduction become the defining melody of our era.

Energy development achieves a historic transformation—energy conservation and consumption reduction become the defining melody of our era.

Over the past 70 years since the founding of New China, China's energy sector has undergone tremendous transformation. In the early days of the People's Republic, our country's energy production was at a very low level, with tight supply-and-demand conditions and severe structural issues.

07/09

2019

China Leads the World in Energy Investment

China Leads the World in Energy Investment

The International Energy Agency released a report stating that global energy investment in 2018 ended three consecutive years of negative growth, reaching a total of US$1.8 trillion. Notably, China's total energy investment amounted to US$381 billion, nearly one-quarter of the global total—and firmly placed it at the top of the world rankings.

07/08

2019

China's hydrogen energy industry is taking shape, becoming the world's largest hydrogen-producing country.

China's hydrogen energy industry is taking shape, becoming the world's largest hydrogen-producing country.

Faced with pressures such as energy security and environmental protection, developing hydrogen energy has become a consensus for energy transformation. Since China included hydrogen energy in the Government Work Report, the hydrogen industry has increasingly become a focal point of attention for both capital markets and the industrial economy.

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