CNOOC: “14th Five-Year” period will see the increase of the proportion of natural gas production to about 35%
China National Offshore Oil Corporation (CNOOC) said on 5th Feb that during the 14th Five-Year Plan period, while maintaining the growth of oil production, it will strive for a significant increase in natural gas production. The proportion of natural gas production is expected to increase to about 35%, and the domestic market share of the natural gas will reach more than 20%.
During the “13th Five-Year Plan” period, CNOOC vigorously developed the natural gas industry, and now it has become the second largest natural gas supplier in China and formed a clean energy stable supply mode of “walking on two legs” (one is by exploring and developing offshore natural gas resources, the other one is by importing LNG resources from the international market).
Over the five years of “13th Five-Year Plan”, the company has produced a total of 116.6 billion cubic meters of offshore natural gas and imported 120 million tons of LNG from the international market.
In terms of offshore natural gas, under the guidance of the “Seven-year Action Plan” and aiming to discover large and medium-sized high-quality oil and gas fields, CNOOC has made great efforts to increase reserves and production. In the past five years, several large natural gas fields have been put into production, including Dongfang 13-2 and Bozhong 19-6 pilot areas.
Unconventional gas production, such as coalbed methane, has increased rapidly, with daily output exceeding 10 million cubic meters.
Statistics show that, during the 13th Five-Year Plan period, the cumulative production of natural gas of CNOOC increased by 13% compared with the 12th Five-Year Plan.
In terms of LNG, CNOOC will purchase LNG in the long, medium and short term in a planned and step-by-step manner to diversify import sources and strive to build a reliable, flexible and competitive LNG resource pool.
At the same time, CNOOC will strengthen domestic natural gas infrastructure construction and interconnection, excel in the construction of natural gas production, supply, storage and marketing systems, and provide safe, stable and competitively priced clean energy for the country.
In the past five years, CNOOC has made great achievements in constructing the whole industrial chain of LNG international trade, LNG receiving station, natural gas power plant, vehicle and ship refueling and R&D of LNG core technology. The cumulative import of foreign LNG exceeded 120 million tons, which was twice that of the “12th Five-Year Plan” period, accounting for nearly 50% of the national import in the same period. In 2020, the market share of natural gas supply in the country has increased to 18%.