중국의 석유 및 가스 업스트림 : 시장 점유율 분석, 업계 동향과 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the China oil and gas upstream market size was valued at USD 77.69 billion in 2025 and estimated to grow from USD 81.63 billion in 2026 to reach USD 104.57 billion by 2031, at a CAGR of 5.08% during the forecast period (2026-2031).

This report is Segmented by Location of Deployment (Onshore and Offshore), Resource Type (Crude Oil and Natural Gas), Well Type (Conventional and Unconventional), and Service (Exploration, Development and Production, and Decommissioning). The Market Sizes and Forecasts are Provided in Terms of Value (USD).

China Oil And Gas Upstream Market Trends and Insights

Discovery of New Ultra-Deep Oil & Gas Fields

Large-scale discoveries in formations deeper than 6,000 meters have recalibrated the China oil and gas upstream market outlook. CNPC's Fuman field achieved 2,000 barrels per day from 8,400-meter wells in the Tarim Basin, validating commercial recovery in extreme-depth reservoirs. Sichuan's Anyue gas field added 500 billion m3 proven reserves in 2024, becoming the country's single-largest unconventional gas asset. Together, these findings could reduce import dependence by nearly one-tenth by 2030, while exporting high-pressure drilling expertise to overseas markets. Regulatory momentum is visible: 15 exploration blocks were opened in Western China in 2024, signaling deeper resource monetization over the forecast horizon. Equipment suppliers benefit from higher-spec rig demand, and regional governments anticipate new royalties that bolster local economies.

Rising Upstream Investment by Chinese NOCs

Capital outlays surged in 2024 as NOCs shield supply chains against geopolitical shocks. Sinopec lifted upstream spending 15% to USD 38 billion, channeling funds into enhanced-recovery pilots and digital infrastructure. CNOOC committed USD 22 billion to deepwater South China Sea and Bohai Bay projects, underscoring offshore growth ambitions. National project approvals worth USD 95 billion in 2024 further underscore policy support for domestic production expansion. Cost discipline is improving: standardized drilling platforms and modular surface facilities are lowering per-barrel development costs by up to 18%. The cash-flow uplift accelerates reinvestment cycles, reinforcing the growth pattern of the Chinese oil and gas upstream market.

Price Volatility & OPEC+ Supply Actions

Oil-price swings create budgeting uncertainty, delay final-investment decisions, and pressure free cash flow. OPEC+ cuts in late-2024 lifted Brent toward USD 95 per barrel, boosting revenues but tightening domestic refining margins. Deepwater project hurdles remain: 12 developments await price stability above USD 70 per-barrel breakevens. Chinese NOCs hedge 40-60% of their production, yet shallow derivative markets limit their effectiveness. To soften shocks, regulators enforce a USD 60 per-barrel floor for domestic barrels, cushioning high-cost assets. Even so, cyclical uncertainty restrains spending on frontier plays and shapes a measured capital-allocation approach within the China oil and gas upstream market.

Other drivers and restraints analyzed in the detailed report include:

1. Government Push for Energy Security & Import Substitution
2. Digital-Drilling & AI Well-Optimization Programs
3. Stricter National Methane-Emission Regulations

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Onshore assets held 63.02% of the China oil and gas upstream market share in 2025, backed by entrenched infrastructure and lower lifting costs averaging USD 35-45 per barrel. Enhanced-recovery pilots in Daqing and Liaohe prolong plateau output, while revamped gathering systems shrink loss rates. In tandem, the offshore segment is projected to post a robust 5.92% CAGR to 2031 as deepwater technologies mature and policymakers encourage energy diversification. CNOOC's Bozhong 19-6 condensate field proved economically viable at a 1,500-meter water depth and led to follow-up exploration programs across Bohai Bay. Digital monitoring and unmanned platforms are cutting offshore operating costs by 25%, closing the historic cost gap with onshore fields and bolstering project sanction rates.

The Chinese oil and gas upstream market now views offshore acreage as the core frontier for large-scale oil and gas discoveries. Eight new blocks awarded in 2024 span 25,000 km2 of prospective South China Sea acreage. Wider use of floating production storage and offloading (FPSO) units avoids long subsea tie-backs and accelerates first-oil timelines. Meanwhile, onshore operations bank on brownfield digitalization and chemical flooding to arrest decline. Over the forecast period, a balanced capital allocation emerges, with mature land assets providing low-risk cash flow and offshore projects delivering volume growth, thereby sustaining the broader China oil and gas upstream market's expansion.

Crude oil accounted for 56.15% of the Chinese oil and gas upstream market size in 2025, as refiners relied on domestic sweet blends to optimize their run rates. CO2 injection in Daqing and Shengli lifted recovery by 12-15% and extended field life cycles. Gas is the clear growth pillar, registering a 5.74% CAGR through 2031, mirroring government mandates to increase the fuel's share in the national primary energy mix. The West-East Pipeline added 15 billion m3 capacity in 2024, enabling Xinjiang's Tarim output to displace coastal LNG imports. Shale and tight-gas additions in Sichuan and Ordos underpin 40% of the incremental supply, feeding rising city-gas and petrochemical demand.

Environmental regulation prioritizes gas burnout over coal, driving higher pricing transparency that incentivizes upstream investments. Operators also benefit from cross-border pipeline opportunities in Central Asia, which allow for back-hauling surplus volumes. Over the long term, a diversified resource mix underpins security targets and keeps the Chinese oil and gas upstream market less exposed to crude market shocks. Nonetheless, liquids remain indispensable to domestic refineries and petrochemical complexes, ensuring balanced capital allocations between oil and gas portfolios.

Complete Report Scope:

• By Location of Deployment
  • Onshore
  • Offshore
• By Resource Type
  • Crude Oil
  • Natural Gas
• By Well Type
  • Conventional
  • Unconventional
• By Service
  • Exploration
  • Development and Production
  • Decommissioning

List of Companies Covered in this Report:

1. China National Petroleum Corporation (CNPC)
2. China Petroleum & Chemical Corporation (Sinopec)
3. China National Offshore Oil Corporation (CNOOC)
4. PetroChina Co. Ltd.
5. ExxonMobil Corporation
6. Chevron Corporation
7. BP plc
8. Shell plc
9. TotalEnergies SE
10. ConocoPhillips Co.
11. Eni S.p.A.
12. Equinor ASA
13. Husky Oil China Ltd.
14. China National United Oil Corp.
15. Yanchang Petroleum Group
16. Shaanxi Yanchang Petroleum (Group) Co. Ltd.
17. Zhejiang Petrochemical Co. Ltd.
18. Sinochem Group
19. OVL (ONGC Videsh Ltd.)
20. Mitsubishi Corporation (Bohai JV)
21. COSL - China Oilfield Services Ltd.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 Introduction

• 1.1 Study Assumptions & Market Definition
• 1.2 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Landscape

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Discovery of new ultra-deep oil & gas fields (Tarim, Sichuan)
  • 4.2.2 Rising upstream investment by Chinese NOCs
  • 4.2.3 Government push for energy-security & import substitution
  • 4.2.4 CO2-EOR & CCS integration improving field economics
  • 4.2.5 Digital-drilling & AI well-optimization programs
• 4.3 Market Restraints
  • 4.3.1 Price volatility & OPEC+ supply actions
  • 4.3.2 Stricter national methane-emission regulations
  • 4.3.3 Seismic-safety curbs in earthquake-prone basins
  • 4.3.4 Water scarcity for fracturing in arid Northwest China
• 4.4 Supply-Chain Analysis
• 4.5 Technological Outlook
• 4.6 Regulatory Landscape
• 4.7 Crude-Oil Production & Consumption Outlook
• 4.8 Natural-Gas Production & Consumption Outlook
• 4.9 Unconventional Resources CAPEX Outlook (tight oil, oil sands, deep-water)
• 4.10 Porter's Five Forces
  • 4.10.1 Threat of New Entrants
  • 4.10.2 Bargaining Power of Suppliers
  • 4.10.3 Bargaining Power of Buyers
  • 4.10.4 Threat of Substitutes
  • 4.10.5 Competitive Rivalry
• 4.11 PESTLE Analysis

5 Market Size & Growth Forecasts

• 5.1 By Location of Deployment
  • 5.1.1 Onshore
  • 5.1.2 Offshore
• 5.2 By Resource Type
  • 5.2.1 Crude Oil
  • 5.2.2 Natural Gas
• 5.3 By Well Type
  • 5.3.1 Conventional
  • 5.3.2 Unconventional
• 5.4 By Service
  • 5.4.1 Exploration
  • 5.4.2 Development and Production
  • 5.4.3 Decommissioning

6 Competitive Landscape

• 6.1 Market Concentration
• 6.2 Strategic Moves (M&A, Partnerships, PPAs)
• 6.3 Market Share Analysis (Market Rank/Share for key companies)
• 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Products & Services, and Recent Developments)
  • 6.4.1 China National Petroleum Corporation (CNPC)
  • 6.4.2 China Petroleum & Chemical Corporation (Sinopec)
  • 6.4.3 China National Offshore Oil Corporation (CNOOC)
  • 6.4.4 PetroChina Co. Ltd.
  • 6.4.5 ExxonMobil Corporation
  • 6.4.6 Chevron Corporation
  • 6.4.7 BP plc
  • 6.4.8 Shell plc
  • 6.4.9 TotalEnergies SE
  • 6.4.10 ConocoPhillips Co.
  • 6.4.11 Eni S.p.A.
  • 6.4.12 Equinor ASA
  • 6.4.13 Husky Oil China Ltd.
  • 6.4.14 China National United Oil Corp.
  • 6.4.15 Yanchang Petroleum Group
  • 6.4.16 Shaanxi Yanchang Petroleum (Group) Co. Ltd.
  • 6.4.17 Zhejiang Petrochemical Co. Ltd.
  • 6.4.18 Sinochem Group
  • 6.4.19 OVL (ONGC Videsh Ltd.)
  • 6.4.20 Mitsubishi Corporation (Bohai JV)
  • 6.4.21 COSL - China Oilfield Services Ltd.

7 Market Opportunities & Future Outlook

• 7.1 White-space & Unmet-Need Assessment