Analysis and outlook of domestic and international oil & gas resources situation in 2020

2020 is an extraordinary year, the COVID-19 epidemic is raging around the world, the global economy has suffered the biggest impact since the 2008 financial crisis.The demand and the upstream investment of oil and gas have fallen sharply, and the international oil prices fluctuated at a low-to-mid level.China has achieved major strategic results in the fight against the virus, leading to the stable recovery of its economy, and becoming the only major economy in the world that has achieved positive growth.Despite the impact of the COVID-19 epidemic, low oil prices and other factors, the overall situation of oil and gas exploration and production in China is stable and improving.Oil production has grown steadily, natural gas production has grown rapidly, and shale gas production has increased substantially.The investment in exploration has dropped steadily, and investment in mining has fallen sharply.Many important achievements have been made in oil and gas prospecting.It is expected that in 2021, international oil prices will continue to operate at a low-to-mid level, and the average spot price of Brent crude oil will be from 46 to 50 per barrel.In 2021, the estimated production of oil will be about 195 million tons, and that of natural gas (including shale gas and coalbed methane) will be about 200 billion m³, which will continue to maintain rapid growth.