China's offshore oil output is projected to reach approximately 68 million tons in 2025, marking an increase of around 2.5 million tons year-on-year and accounting for 80% of the nation's total oil production growth, according to the "China Offshore Energy Development Report 2025" released by CNOOC Group's Energy Economics Institute.
The report highlights intensified offshore exploration efforts, with five new discoveries and 22 oil and gas structures successfully evaluated in Chinese waters by Q3 2025. Eleven new projects have commenced production, including a major breakthrough in the Beibu Gulf Basin's buried hill formations—the discovery of the Huizhou 19-6 oilfield, China's first offshore billion-ton deep-to-ultra-deep clastic rock oilfield.
Globally, the oil market is expected to remain well-supplied in 2025, with downward pressure on international crude prices. Liquid fuel consumption is forecast at 104 million barrels per day (bpd), up 1.1 million bpd year-on-year, while global oil supply rises 2.6% to 105 million bpd. China’s crude production continues to expand, potentially hitting record highs.
Natural gas markets are anticipated to achieve a supply-demand balance, though prices may rise significantly due to multiple factors. China’s gas consumption growth slows notably, while offshore gas output grows steadily. LNG imports are projected to exceed 60% of China’s total gas imports by 2030, with global LNG supply growth accelerating in 2025.
Former National Energy Administration head Zhang Jianhua emphasized the need to enhance fossil energy efficiency, ensure reliable non-fossil alternatives, and drive innovation. Offshore oil and gas—still underdeveloped but resource-rich—must remain central to China’s production growth strategy.
Global offshore oil and gas capital expenditure by major firms continues to rise, solidifying its role as a core growth driver. China leads in offshore engineering equipment demand and service capabilities, with mobile drilling rig utilization reaching 94%.
Offshore wind power maintains rapid expansion globally, with cumulative installed capacity expected at 94.15 GW (+13.6% YoY). China’s grid-connected offshore wind capacity is estimated at 48.77 GW, featuring concentrated regional deployment and floating wind technology advancements.
CNOOC Chairman Zhang Chuanjiang noted that marine energy is becoming a strategic pillar, with LNG serving as a critical bridge in the energy transition. Balancing deepwater exploration and emerging sectors like offshore wind is essential.
Global energy-related carbon emissions and primary energy consumption are predicted to peak within 5–10 years. While clean electricity grows into the largest end-use energy source, fossil fuels remain vital for energy security. Over 30% of oil, 37% of gas, and 7% of power will originate from oceans, forming an integrated "offshore energy" system combining hydrocarbons and renewables.
Comments