2024 National Oil and Gas Equivalents Ranking
Thread Content
In 2024, China’s oil and gas production equivalent is expected to exceed 408 million tons, representing a 4.8% increase compared to 2023. This growth has continued for 8 consecutive years at a rate of over 10 million tons per year. The 15 oil fields listed below account for more than 80% of this total production. The table below shows the oil and gas production equivalent figures for these oil fields in 2024.
Changqing Oilfield: As of December 31, 2024, Changqing Oilfield successfully completed its annual oil and gas production targets, with the volume of oil and gas output reaching a record high. Currently, the Changqing Oilfield’s annual oil and gas equivalent production amounts to 66.71 million tons, a increase of 640,000 tons compared to the previous year. The total amount of oil and gas equivalent produced so far exceeds 1 billion tons, while the amount of carbon dioxide reduced has also exceeded 1 billion tons. Of this, 25.78 million tons of crude oil were produced, achieving steady production levels of over 25 million tons. Since its oil and gas production equivalent exceeded 60 million tons in 2020, the Changqing Oilfield has been setting new records for domestic oil and gas field production equivalent for five consecutive years.
Bohai Oil Field: In 2024, the Bohai Oil Field produced 38.8 million tons of oil and gas equivalents in total, of which crude oil production exceeded 36 million tons, while natural gas production amounted to 3.5 billion cubic meters.
Southwest Oil and Gas Field: As of December 31, 2024, the Southwest Oil and Gas Field Company produced over 44.7 billion cubic meters of natural gas throughout the year, a 6.4% increase compared to the previous year. The Southwest Oil and Gas Field Company’s annual production of oil and gas equivalent exceeds 35 million tons, playing a vital role as a \"ballast stone\" for ensuring a stable energy supply.
As the largest oil field in China’s eastern region, the Daqing Oil Field achieved an annual oil and gas equivalent production of over 34.8 million tons in 2024; its crude oil production has remained at a high level of 30 million tons for 10 consecutive years. Natural gas production exceeded 6 billion cubic meters, an increase of 155 million cubic meters compared to the previous year, marking 14 consecutive years of steady growth and contributing to the development of a world-class, modern oil field that will last for a century.
Tarim Oil Field: In 2024, the Tarim Oil Field produced 33.66 million tons of oil and gas equivalent, representing a net increase of 130,000 tons compared to the previous year. The production of oil and gas has remained above 30 million tons for five consecutive years. Throughout the year, 7.68 million tons of petroleum liquids and 32.6 billion cubic meters of natural gas were produced.
Shengli Oilfield: In 2024, Shengli Oilfield showed a development trend of \"two increases and two decreases\" – both crude oil production and profits increased, while investment levels and the break-even point decreased. Newly identified, proven, and estimated reserves at the three levels have helped achieve \"three 100-million-ton targets\"; the annual output in terms of oil and gas equivalents was 24.298 million tons, of which 23.5916 million tons were crude oil, an increase of 140,000 tons compared to the previous year, while 883 million cubic meters of natural gas were produced. In 2024, exploration in the main shale oil basins in Jiyang continued to expand, with breakthroughs achieved in the peripheral basins as well. The reserves of shale oil reached 1.052 billion tons, amounting to roughly the same level as those of conventional oil; a strategic succession framework was thus established, and a total of 500,000 tons of oil were produced throughout the year.
In 2024, the Eastern South China Sea Oil Field of CNPC produced 21.8 million tons of oil and gas equivalent, with newly discovered oil and gas reserves reaching a record high; oil and gas production has exceeded 20 million tons for three consecutive years.
In 2024, Yanchang Petroleum achieved an oil and gas equivalent production of 20.13 million tons for the whole year, representing a net increase of 2.11 million tons compared to the previous year. Of this, 11.805 million tons of crude oil were produced, maintaining a production level of over 10 million tons for 18 consecutive years. Natural gas production reached 10.45 billion cubic meters, with increases in production observed for 16 consecutive years, enabling it to rank as the fourth largest gas field in the country. Yanchang Petroleum is working toward the goal of maintaining a stable production level of 10 million tons per year in its oil fields for 30 years, and 15 billion cubic meters per year in its gas fields for 20 years.
Xinjiang Oilfield: In 2024, the Xinjiang Oilfield of China National Petroleum Corporation achieved an oil and gas equivalent production of 18.49 million tons. Crude oil production has remained above 10 million tons for 24 consecutive years, while the oil and gas equivalent output has reached new highs on multiple occasions.