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about-sinopec
exploration and production
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in 2021, the company seized the opportunity of rising oil prices to promote oil and gas exploration and development in major target basins, continuously scaled up profitable capacity, and made new breakthroughs in increasing reserves, maintaining oil production, increasing gas output, and improving efficiency. in exploration, we strengthened risk exploration and trap pre-exploration in new areas, and made a number of new oil and gas discoveries, including major breakthroughs in continental facies shale oilfields exploration in bohai bay basin, north jiangsu basin and sichuan basin. in crude oil development, we accelerated building of production capacity in shunbei and tahe, and strengthened fine development in mature fields. in natural gas development, we sped up capacity building of weirong, yongchuan south and nanchuan fields, strengthened fine development of puguang, yuanba and other fields, and deepened the development of fuling shale gas field. in the meantime, we signed medium and long-term lng agreements to increase overseas natural gas supply. we developed new natural gas market reaching more quality end users with sales volume and market share rising constantly. the company’s production of oil and gas equivalent reached 479.74 million barrels including 249.60 million barrels of domestic crude which kept flat year on year, and 1,199.4 billion cubic feet of natural gas which increased by 11.9% year on year.