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. Based on overall research and top-level design, exploration efforts were focused on risk exploration and preliminary prospecting in new plays and areas, highlighting concentrated exploration and refined exploration in reserve-adding and reserve-replacing areas. In 2022, the Company posted 4 strategic breakthroughs and 15 major discoveries and identified 9 100-million-ton and 9 100-billion-cubic-meter plays. Domestically, newly proven oil in place totaled 862.16 million tons and newly proven gas in place stood at 684.5 billion cubic meters in 2022.

In 2021, the Company reported a number of major overseas discoveries. 1-billion-ton potential hydrocarbon reserves were discovered in Alam, Brazil, and Yamal, Russia, respectively; and two 100-millionton high-quality reserves and two 100-million-ton potential oil and gas reserves were discovered in Niger and Chad. Exploration activities in the Buzios project in Brazil, the PK project in Kazakhstan and the Block 5 project in Oman made significant progress. In 2022, CNPC announced that it had successfully completed formation testing in Well 1-BRSA-1381-SPS (Curaçao-1), the first exploratory well in the Aram Block of the Santos Basin in partnership with Petrobras.

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 2022, CNPC produced 105 million tons of crude oil and 145.5 billion cubic meters of natural gas in China. In 2022, the Company’s overseas equity production amounted to 102.33 million tons of oil equivalent, including 77.04 million tons of crude oil and 31.75 billion cubic meters of natural gas.