Main Business
OIL AND GAS EXPLORATION
We have a total of 17 oil and gas exploration projects in 14 countries. After years of exploration practice, we have established a set of trap optimization technology system for full cycle evaluation, a decision-making system combining resource evaluation and economic evaluation, and a series of key technologies have been broken through, including deep water turbidite sandstone reservoir prediction technology, drilling, completion and fracturing technology for tight sandstone to increase single well productivity, seismic acquisition and reservoir prediction technology for pre-salt carbonate, exploration technology for subtle traps in low relief structures, sweet spots identification and reservoir fracturing technology for shale oil and gas, high density and high efficiency seismic acquisition technology in desert areas. Up to 2023, the main exploration technical indicators have been ranked among the international advanced ones.
OIL & GAS DEVELOPMENT AND PRODUCTION
We have a total of 29 development and production projects in 20 countries covering 7 kinds of reservoir types, such as unit block, fault block, low permeability, inspissated pool, non-conventional, deep water and shallow water. At the end of 2023, our accumulative equity oil & gas production has maintained 3808 MMBOE. In the process of development and production, based on different types, development characteristics and technical requirements of the reservoirs, we have gradually developed supporting technologies featuring “advanced application, good economics, system integration and scale effect” by utilizing and integrating domestic and international proven technologies.
BUSINESS DEVELOPMENT
According to the principles of prioritizing resources and benefits, we scientifically promote business layout, actively develop new high-quality projects along the “Belt and Road” countries and basins rich in oil and gas so as to build up new business structure based on “One FOUNDATION of energy and resources, Two WINGs of clean fuels and advanced chemicals, and Three NEWs in new energy, new materials and new economy”. In recent years, many projects have been acquired, including the deep-sea drilling in Angola, exploration blocks in Egypt, tender of exploration in Kazakhstan, and Qatar LNG joint project. At the same time, we continually aim to improve energy efficiency in oil and gas production through optimizing assets allocation, which laid a solid consolidation for the sustainable development.
OIL AND GAS SALES
We have 29 oil and gas sales projects distributed in 19 countries, with oil and gas mainly sold to Asia, Europe and America by sea. We implement centralized and unified management of oil and gas sales and strictly follow an internal control process, effectively preventing sales risks. We have established a benefit-creating operation platform by optimizing our sales mode to deeply tap potential for increasing benefits and create higher oil and gas value.
