Our History in China

ConocoPhillips arrived in China in 1981, at the early era of Reform and Opening-up. Over the past four decades, we have established mutually beneficial relationships with local industry leaders like China National Offshore Oil Corporation (CNOOC) and China Petroleum & Chemical Corporation (Sinopec), through various domestic and overseas oil and gas projects. Together, we have made notable contributions to the development and prosperity of China’s offshore oil and gas industry, fueling the country’s economic growth.

Key Milestones

1981

Phillips (a predecessor of ConocoPhillips) was awarded an offshore block (Xijiang) in the Pearl River Mouth Basin. 		 Exploring offshore block

1994

Xijiang Oilfield started up production; Bohai 11/05 Production Sharing Contract (PSC) signed. 		 Exploring offshore block

1999

Phillips made a discovery in the Bohai Sea (Penglai 19-3 oilfield). 		 Exploring offshore block

2002

Penglai 19-3 oilfield Phase 1 Project produced first oil, paving the way for the Bohai Penglai phased development plan. 		 offshore rig of Penlai 19-3

2006

ConocoPhillips acquired 24.5% of Panyu Oilfield via the acquisition of Burlington Resources Inc. 

  

2009

Bohai Penglai Phase 2 Project produced first oil. 		 Panyu Oilfield

2011

ConocoPhillips delivered the first cargo of North American LNG to China. 		 Cargo ship

2012

Australia Pacific LNG (an Australia-based LNG joint venture between ConocoPhillips, Origin Energy and Sinopec) signed a 7.6 MTPA long-term LNG sales and purchase agreement with Sinopec. 

 Australia LNG coastline

2014

ConocoPhillips transferred the operatorship of Penglai Oilfield to CNOOC.  		  

2018

Bohai Penglai Phase 3 Project produced first oil. 		 group photo of guys on a rig

2020

Bohai Penglai Phase 4A Project produced first oil.

 Photo of Penglai Phase 4a

2023

  • Bohai Penglai Phase 4B Project produced first oil.
  • Penglai Oilfield surpassed 500 million barrels in cumulative crude oil production.
  • ConocoPhillips China signed the Memorandum of Understanding (MOU) on Strategic Cooperation to Achieve Penglai Net Zero with CNOOC China Limited. 
 Penglai photo from 2023

2024

Penglai Oilfield successfully completed the 1,000th cargo lifting operation.