The Chinese oil and gas company Sinopec has released its 2023 results, in which the group posted a net profit CNY60.5bn (US$8.4bn), a 9.9% decrease compared to 2022. Sinopec’s hydrocarbon production reached 504.1 mboe in 2023, a 3.1% increase compared to the previous year. The company produced 281.1 mbbl of crude oil (stable), including 251.6 mbbl in China and 29.5 mbbl overseas. Natural gas production increased by 7.1% to 1,337.8 bcf (37.9 bcm).
Sinopec’s crude oil proved reserves rose by 2.1% to reach 2,003 mbbl, including 1,696 mbbl in China and 307 mbbl overseas. Its natural gas reserves increased by 5.7% to 9,311 bcf (264 bcm), almost entirely located in China (only 4 bcf or 113 mcm overseas). The company’s refinery throughput reached 257.5 Mt in 2023, a 6.3% increase compared to 2022. Sinopec’s kerosene production jumped by nearly 61% to 29 Mt, while gasoline and diesel production rose by 6% to 62.5 Mt and by 2% to 64.5 Mt, respectively. The group sold 239 Mt of refined oil products in 2023 (+15.6%). 150 service stations were added by Sinopec, reaching a total of 30,958.