On August 28, Sinopec Corp. announced that its operating income grew 27.9% YoY to RMB1.61 trillion in the first half of 2022. The company achieved a number of oil and gas discoveries in the six months, including breakthroughs in Shunbei oil and gas in Tarim Basin, shale oilfield exploration in Bohai Bay Basin and Subei Basin, deep exploration of natural gas in Sichuan Basin and continental facies shale gas exploration in Puguang. In 1H, the company’s production of oil and gas reached 242 million barrels of oil equivalent, up 2.9% year-on-year, with domestic crude oil production reaching 124.6 million barrels, up 0.8% year-on-year and natural gas production totaled 613.92 billion cubic feet, up 5.4% year-on-year.
In the first half of 2022, the company processed 121 million tons of crude oil, down 4.2% year-on-year, yielding 68.99 million tons of refined oil products, among which diesel output increased 7.4% year-on-year. Further, total sales volume of refined oil products was 98.42 million tons, of which total domestic sales volume accounted for 78.46 million tons. In the first half, ethylene production was 6.85 million tons, with a year-on-year increase of 5.9%, and the total sales volume of chemical products was 40.38 million tons, up 1% year-on-year.