China's Overseas Oil Production Increases 36% YoY in the First Quarter

As China’s oil companies purchase overseas assets and use loans to exchange oil supplies, China’s overseas oil production in the first quarter of this year increased by 36% year-on-year.

The International Energy Agency (IEA) said today that China’s daily oil production in the first quarter of this year increased from 1.1 million barrels in the same period last year to 1.5 million barrels.

Chinese oil companies including China National Offshore Oil Corporation spent US$29 billion to purchase overseas oil and gas assets in the 16 months to April this year.

The OECD Energy Security Regulatory Agency said in its monthly oil market report that China National Petroleum Corporation and China Petroleum & Chemical Corporation also invested US$77 billion in the “Lending for Oil” agreement in eight countries.

The IEA said that Chinese oil companies currently carry out oil and gas exploration and development operations in the upstream areas of 31 countries.