Exploration & Production
CNPC is engaged in hydrocarbon exploration and production operations in onshore and offshore areas in China and is authorized to conduct related cooperation in China with foreign oil companies. CNPC has overseas exploration and production activities in more than 30 countries Central Asia-Russia, Middle East, Africa, the Americas, and Asia Pacific.
Oil & Gas Exploration
Our exploration activities backed by advanced geological theories and technologies have resulted in successive discoveries in the Songliao, Bohai Bay, Ordos, Tarim, Junggar, Qaidam, Sichuan, and Hailaer basins.
Emphasizing top-level planning and building up large-scale and high-quality reserves, the Company's exploration activities in new fields and plays brought about 6 major breakthroughs and 10 important discoveries in 2024. Leveraging research efforts in key areas and an enhanced mining rights-reserves alignment mechanism, concentrated exploration and optimized exploration led to the identification of nine 100-million-ton and eight 100-billion-cubic-meter hydrocarbon plays. Domestically, newly proven oil in place totaled 868.64 million tons and newly proven gas in place stood at 996.9 billion cubic meters in 2024.
In 2024, the Company strengthened its highefficiency exploration efforts, resulting in a number of significant oil and gas discoveries overseas. Significant breakthroughs were achieved in the exploration of new formations and new areas of the Aktobe Project in Kazakhstan; the Alam Project in Brazil made headway in reserve ramp-up; the Bokhtar Project in Tajikistan showed promising exploration prospects; the Chad PSA Project and the Indonesian Project made important discoveries; the volume of cost-effective reserves expanded at the Amu Darya Project in Turkmenistan.
Development and Production
We conduct a series of major trial development projects to address the challenges in efficient development of high water-cut, ultra-low permeability and ultra heavy oil reservoirs.
We maintain steady production through enhancing dynamic adjustment of development programs, optimizing capacity layout, discontinuing marginal and non-performing projects, drilling more horizontal wells, and controlling natural decline of mature fields.
In 2024, CNPC produced106.15 million tons of crude oil and 158.6 billion cubic meters of natural gas in China. In 2024, the Company's overseas equity production amounted to 106.46 million tons of oil equivalent, including 81.073 million tons of crude oil and 31.86 billion cubic meters of natural gas.