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about-sinopec
exploration and production
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in 2020, under the environment of low oil prices, we pressed ahead with highquality exploration and profit-oriented development, accelerated the systematic integration of natural gas production, supply, storage and marketing, and achieved tangible results in maintaining oil production, increasing gas output and cutting cost. in exploration, we continued to strengthen risk exploration in strategic areas, oil and gas rich zones and shale resources, which led to new discoveries in tarim basin, sichuan basin and bohai bay basin. in crude oil development, we efficiently proceeded with the capacity building of shunbei and other oilfields, strengthened fine development in mature fields, intensified eor technology breakthrough and application, and consolidated the basis for steady production. in natural gas development, we constantly pushed forward capacity building in weirong and west sichuan gas fields, expanded the market and sales, and continuously improved the sales volume with a record high domestic market share. the company’s production of oil and gas reached 459.02 million barrels of oil equivalent, with domestic crude production reaching 249.52 million barrels and natural gas production totalled 1,072.3 billion cubic feet, up by 2.3% year on year.