China Oil and Gas Sector Report 2025-2026

As a key pillar of the economy, China's oil and gas sector plays an important role in ensuring the country's energy security. In 2024, China's oil and gas production reached a new milestone of 400mn tonnes of oil equivalent (toe). During the year, the country's crude oil production amounted to 212.8mn tonnes, the second highest level on record, accounting for 4.7% of the world's total, according to the Statistical Review of World Energy 2025, released by the Energy Institute in June 2025. Meanwhile, China's natural gas output hit a record high of 246.4bcm in 2024, making up 6% of the world's total. On the demand side, China consumed 755.4mn tonnes of crude oil and 434.4bcm of natural gas in 2024, accounting for 16.5% and 10.5% of the world's total, respectively. In terms of external trade, according to a report released by the National Bureau of Statistics (NBS) on 19 September 2024, China has been a net importer of crude oil since 1996 and a net importer of natural gas since 2007. The country is currently the largest importer of oil and gas in the world.

This report provides a complete and detailed analysis of the "Oil exploration and production" sector for China. EMIS Insights presents in-depth business intelligence in a standard format across countries and regions, providing a balanced mix between analysis and data.

What this report allows you to do:

• Understand the key elements at play in the "Oil exploration and production" sector in China
• Crystallise the forces both driving and restraining this sector in China
• Ascertain China’s position in the global sector
• Build a complete perspective on sector trade, investment and employment
• Understand the competitive landscape and who the major players are
• View M&A activity and major deals
• Gain an understanding of the regulatory environment for the sector in China.
• Build a clear picture of trends, output and consumption for specific sub-sectors