BAKU, Azerbaijan, December 14. China's liquids production is expected to grow approximately by 80,000 b/d in 2023, averaging 4.6 mb/d, Trend reports.
As per OPEC's data, in October, China's liquid production dipped by 26,000 b/d on a monthly basis, averaging 4.5 mb/d. According to official data, this marks an increase of 27,000 b/d year-on-year.
Meanwhile, crude oil output for October averaged 4.1 mb/d, reflecting a month-on-month decrease of 26,000 b/d, but a year-on-year increase of 59,000 b/d. The production of natural gas liquids (NGL) and condensate remained relatively steady on a monthly basis, averaging 48,000 b/d.
The forecast for China's liquids output for 2023 remains largely unchanged from the previous month's assessment. Natural decline rates are expected to be counteracted by additional growth through increased infill wells and enhanced oil recovery (EOR) projects, part of efforts by state-owned oil companies to ensure energy supply security. OPEC anticipates the commencement of production from Weizhou 5-7 this year, and ongoing ramp-ups from Lufeng 12-3, Enping 18-6, Penglai 19-3, and Bozhong 28-2 in the coming months.
Looking ahead to 2024, Chinese liquids production is expected to maintain stability on a year-on-year basis, forecasted to average 4.6 mb/d. Noteworthy additions planned for the next year include Lingshui 17-2, Lufeng, Liuhua 11-1, Xi’nan, Shayan, and Liuhua 4-1 (redevelopment) by CNOOC, PetroChina, and Sinopec. Simultaneously, key ramp-ups are anticipated from Changqing, Kenli 10-2, Wushi 17-2, and Kenli 6-4.