SINOPEC Oilfield Development Progress and Next Key Work Deployment

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Abstract Since SINOPEC carried out the action plan of dramatically improving oil and gas exploration and development in 2019, oilfield development front has actively overcome the impact of disadvantage factors such as sharp fluctuations in oil prices, recurrent COVID-19 and withdrawal of nature reserves, fully implemented the decision and deployment of company group’s party leadership, focused on improving productivity, controlling decline, increasing recoverable capacity and reducing cost, adhered to the detailed reservoir understanding, precise plan deployment, detailed supporting processes and actuarial development benefits for strengthening the construction of production efficiency, paid close attention to the detailed development of old oilfields, enhanced the promotion and application of significantly improved oil recovery technology, put forth effort on consolidating the foundation of stable production, to make sure the production stable and rising, and oil production exceeded the planned target during the period from 2019 to 2022. In 2022, 35.32 million tons oil were produced, with an increase of 0.16 million tons, marking the largest increase in the nearly past four years.

Published: 25 December 2024

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http://www.coag.com.cn/EN/ OR http://www.coag.com.cn/EN/Y2023/V30/I6/61

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