Sinopec sees production reach record high

China Petroleum and Chemical Corp saw its oil and gas equivalent production reaching historical highs in 2023, as the company stepped up oil and gas exploration and exploitation last year to continuously ensure domestic energy security.

The company's oil and gas equivalent production reached 70.92 million metric tons last year, up 3.1 percent year-on-year. Natural gas production hit 37.9 billion cubic meters, up 7.1 percent year-on-year, the company, also known as Sinopec, said in a statement on Sunday.

Meanwhile, crude oil processing volume and domestic refined oil total sales also hit record highs in 2023, with crude oil processing volume reaching 258 million tons, up 6.3 percent year-on-year, and domestic sales of refined oil reaching 188 million tons, up 15.8 percent year-on-year, it said.

Despite a "complicated operating environment and intense competition" last year, the world's largest oil refiner by capacity posted net income of 60.5 billion yuan ($8.37 billion).

Sinopec expects its crude oil production to reach 279.06 million barrels this year from 280.23 million barrels in 2023, while natural gas will rise to 1.38 billion cubic feet from 1.29 billion cubic feet.

Looking ahead to 2024, as the Chinese economy continues to recover and improve, the energy and chemical industry in China will also accelerate its transformation, said Ma Yongsheng, chairman of Sinopec.

It is anticipated that domestic demand for natural gas, refined oil and chemical products will continue to grow, presenting new development opportunities for the company. Sinopec will increasingly focus on value creation and nurture new quality productive forces, he said.