CNPC's Annual Oil Equivalent Hits New High in 2020

China National Petroleum Corporation (CNPC)'s oil and gas output exceeded 200 million tons of oil equivalent in 2020, a record high in its history.

According to the company, its natural gas output last year was more than 100 million tons with a year-on-year growth of 11.6 billion cubic meters, surpassing production of crude oil for the first time.

China's largest oil and gas producer, CNPC's oil and gas outputs account for 50 percent and 70 percent of the national amounts, making it a main player in guaranteeing national energy security.

During the 13th Five-Year Plan (2016-20), CNPC set record high in proved oil and gas geological reserves.

For example, its Changqing Oilfield produced over 60 million tons of crude oil and natural gas in 2020, which made it China's first extraordinarily large oil-and-gas field.

The company's Southwest Oil and Gasfield continued improving efficiency and produced 30 billion cubic meters of shale gas, becoming the country's most productive shale gas field ever.

In 2020, the company also promoted its exploitation capacity with a new focus on improving quality and efficiency, a step that led to a rapid growth in crude oil and natural gas output and an improved clean and low-carbon energy system.

Since 2016, the company has developed 13 natural gas fields with output of 1 billion cubic meters.

In 2020, CNPC produced more than 130 billion cubic meters of natural gas, equaling the energy produced by burning 173 million tons of coal and elimination of 184 million tons of carbon dioxide.

(Executive editor: Wang Ruoting)