Offshore oil, gas production in China to reach new heights

China's offshore oil and gas production this year is expected to reach a new high, as China has been stepping up offshore oil and gas development over recent years, according to a think tank.

Domestic offshore crude oil production in China is expected to reach 62.2 million metric tons in 2023, with an additional output of about 3.6 million tons, accounting for over 60 percent of the national increase in crude oil production, according to CNOOC Energy Economics Institute, a think tank under the China National Offshore Oil Corp.

Meanwhile, offshore natural gas production is estimated to reach about 23.8 billion cubic meters, representing approximately 15 percent of the national increase in natural gas production, it said.

Global investment in offshore oil and gas development has continued to rise this year. Offshore wind and solar electricity generation is expected to exceed 10 percent around 2050, while the installed capacity of offshore wind power is expected to account for over 20 percent of the total installed wind power capacity, it said.

The vast potential for offshore carbon dioxide capture and storage will also play a significant role in achieving China's goals of carbon peak by 2030 and carbon neutrality by 2060, it said.

zhengxin@chinadaily.com.cn