Xi Jinping ordered to increase production. New state body brings together oil giants

China, as the world's largest oil importer, covers nearly three-quarters of its energy needs through imports, Reuters reports. However, to keep domestic oil production at levels exceeding 4 million barrels per day, needed for production activities and military servicesinvest billions of dollars.

China has therefore decided to create a new state entity. Its main task will be to bring together national oil producers and other state-owned companies.

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New wells

The newly created unit will be responsible for exploring for very deep oil and gas, as well as extracting unconventional resources that are harder to exploit, state energy group CNPC said on Monday.

The move comes in response to President Xi Jinping's call for the energy sector to create “new productive forces” that will help increase the country's energy security, Reuters reports.

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State oil companies, which will play a key role in this process, will be responsible for exploiting deep wells on land and accelerating the development of subsea oil fields. These activities are aimed at increasing oil production, which has increased by 2% since 2018. annually.

China increases its own gas capacity. Oil and gas giant CNOOC is accelerating its work in the South China Sea region. It intends to develop local deposits, whose resources are estimated at 1,000 billion m3. Gas production would be ready next year, in 2025..

Among the companies that will play a key role in this process are the country's two largest oil and gas producers: CNPC and Sinopec. However, the newly created entity is also expected to bring together seven other state-owned groups, including China Aerospace Science and Industry Corp, steel group Baowu, equipment maker Sinomach, Dongfang Electric Group and Minmetals.

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