Increased oil and gas production and supply; overall oil industry rebounds and stabilizes

According to estimates, the current global recoverable oil reserves are 1.572 trillion barrels. On June 30, 2022, Norway's Ruized Energy released its own oil resources data report. The report stated that on January 1, 2022, global recoverable oil reserves are expected to be 1.572 trillion barrels.

Global oil resources are increasingly produced

In 1980, the world’s remaining proven oil reserves were 682.6 billion barrels , increasing to 1 trillion barrels in 1989, 1.53 trillion barrels in 2009, 1.72 trillion barrels in 2017, and 1.73 trillion barrels in 2020. It is not difficult to find that the absolute amount of remaining proven oil reserves in the world is getting larger and larger.

New detection technology helps discover more oil fields

Oil reserves are closely related to the development of detection technology. New The emergence of detection technology has made people's attention no longer limited to land. The application of seabed geological and seismic imaging technology has enabled people to exploit oil resources at sea.

On land, the application of new technologies has also helped people discover many deep oil fields. According to statistics, the discovered oil reserves have reached about 200 billion tons.

In addition to the development of oil exploration technology, progress in oil extraction technology has also provided support for the increase in exploitable oil resources to a large extent.

　Development of directional drilling technology

The core goal of today’s directional drilling technology development is to drill high-quality drilling materials at low cost. wellbore, and how to reduce costs has become a focus in the development of drilling technology. Currently, oil companies generally use real-time monitoring and data analysis to increase ROP and thereby shorten drilling time.

　Heavy oil exploration is key

Data shows that about 70% of the world’s remaining oil resources are Heavy oil. Sustained, effective and economical development of heavy oil has become the main direction of increasing oil production in various countries. my country's heavy oil resources are approximately 19.87 billion tons, of which 3.55 billion tons have been proven, indicating huge development potential. existToday, as the demand for energy continues to increase, the huge amount of proven heavy oil is expected toalleviate the problem of my country's increasing depletion of oil resources and reduce the amount of external extraction and import of oil resources.

But it is not easy to exploit such a huge amount of heavy oil resources. Heavy oil has high viscosity and poor fluidity, making its extraction difficult and costly.

Heavy oil usually adopts the "thermal recovery" mode, that is, injecting hot water or high-temperature and high-pressure steam into the formation to increase the temperature of the crude oil in the formation, thereby reducing the viscosity of the crude oil before it is recovered. In 2022, China National Offshore Oil Corporation innovatively adopted jet pump injection and production integrated string technology to combine the heat injection string and the production string into one, reducing workover time and saving workover operation costs by 30%. above.

On March 27, 2023, PetroChina released its annual report for fiscal year 2022. Annual report data shows that PetroChina achieved revenue of 3.26 trillion yuan from January 2022 to December 31, 2022, a year-on-year increase of 21.57%, net profit attributable to the parent company was 66.153 billion yuan, a year-on-year decrease of 8.09%, and basic earnings per share was 0.55 Yuan.

As a representative enterprise of the domestic petroleum industry, PetroChina’s financial reports can reflect the development status of the petrochemical industry to a certain extent. According to data from the Bureau of Statistics, crude oil production will return to the 200 million tons platform in 2022, with cumulative output of 205 million tons, a year-on-year increase of 2.9%, and the growth rate will accelerate by 0.5 percentage points; crude oil processing volume fell for the first time after years of growth.

According to news from the National Energy Administration, my country will continue to promote oil and gas production and supply increase in 2023. Maintain stable and increased production in key basins and sea areas, accelerate the rapid increase in unconventional oil and gas production, and promote major pipeline projects and oil and gas reserve capacity construction such as the middle section of the Third West-East Gas Pipeline. In the energy field, a number of projects will also be planned to make up for shortcomings, strengthen the foundation, and benefit the long-term. It is expected that the petrochemical industry will generally rebound and stabilize.