China’s largest offshore oil and gas producer, the China National Offshore Oil Corporation (CNOOC), will raise the share of natural gas from the current 21% to 50% by 2035 in order to reach their carbon neutral targets, according to the Global Times.

CNOOC has been ramping up its production in 2020 with net production increasing 5.1% year-on-year (YoY) to 131.2 million barrels of oil equivalent (mmboe). 

This increase can be attributed to the inauguration of new projects such as lvda 21-2/16-3 and Dongfang 13-2 gas fields, which has led to domestic production rising 10.4% YoY. In terms of international projects, they contributed production of 42.6 mmboe, a decrease of 4.6% YoY. This decrease in production can be explained by overseas projects such as Nigeria’s deepwater Egina and Longlake oil sands in Canada facing operation restrictions.

Four new domestic offshore projects also came into operation, including three at Bohai Bay- Nanbao 35-2 oil field S1 area, Jinzhou 25-1 oilfield 6/11 area, Bozhong 19-6 condensate gas field, and Liuhua 16-2/Liuhua 20-2 in the Pearl River Mouth Basin.