CNPC Sets Exploration Priorities

On December 16, China National Petroleum Corporation (CNPC) held its 2025 Annual Oil and Gas Exploration Conference to review achievements during 2025 and the 14th Five-Year Plan period, and to outline key tasks for the 15th Five-Year Plan and beyond. Chairman Dai Houliang stressed the need to study and implement President Xi Jinping’s important instructions on strengthening domestic oil and gas exploration. He emphasized advancing major initiatives such as the reserve-to-production ratio stabilization project, enhancing efficient exploration and beneficial development, and ensuring high-quality upstream growth to better safeguard national energy security.

Sinopec Launches Value Boost Plan

On December 16, China Petrochemical Corporation (Sinopec Group) announced the launch of a special market value enhancement initiative for its listed companies at its first joint investor communication event. The move aims to improve investment value and shareholder returns at the intersection of the 14th and 15th Five-Year Plans. The initiative focuses on strengthening corporate governance, improving return mechanisms through stable dividends and buybacks, and optimizing capital布局 via mergers and restructuring. Market participants believe the group-led, system-wide approach will reduce information asymmetry, promote rational valuation, and drive deeper reforms to form a virtuous cycle of value creation, discovery, and realization.

Southwest–Daqing Field Exchange

On December 11, Southwest Oil & Gas Field Company held a technical exchange with Daqing Oilfield in the Sichuan–Chongqing transferred area. Led by Li Hai, the meeting focused on oil well engineering progress, shale oil drilling and fracturing technologies, and key challenges. Both sides conducted in-depth discussions on wellbore design, drilling optimization, geosteering routes, fracturing upgrades, and cost control. Li Hai proposed strengthening long-term cooperation to improve exploration and development efficiency in the Sichuan–Chongqing region and invited Daqing Oilfield units for further technical exchanges to support high-quality development during the 15th Five-Year Plan period.