Chinese NOCs plan gas boost to bolster finances
The Jiaoye 9-3HF well in the Fuling shale field. The second phase of Fuling will add 2 bcm/y. (Sinopec)
China’s state energy giants are looking to boost domestic gas production to make up for revenue lost from oilfield shutdowns and a forecast fall in crude output.
Analysts expect crude output in China, the world’s fifth-largest producer of oil, to fall this year for the first time in seven years. Bernstein Research has forecast a cut of 5% year on year in 2016, which could amount 14.83 million barrels based on reported production levels over the first three quarters of 2015.