In accordance with the development concept of "innovation, coordination, green, openness and sharing" and to promote the supply-side structural reform, CNPC proposes its new goals and strategy in the new era, and expands the overall strategy into ‘resources, market, internationalization and innovation’ to adapt to the needs of cleaner energy development in the new era and highlight innovation, openness and green development. It has been seen that through foreign cooperation in the field of unconventional gas, remarkable results have been achieved in the introduction of international advanced concepts, technologies and management experiences. Tight gas and shale gas resources in Central China are abundant but more challenged in geological condition than that in North American, and there are great geological, technical and economic risks. CNPC has achieved significant phased achievements for the development of tight gas and shale gas in Ordos and Sichuan Basin; however, the development quality of unconventional gas assets needs to be further improved. To achieve high-quality development of tight gas and shale gas, on one hand, we must implement the strategy of self-operation and foreign cooperation combination, take advantage of the integration of self-operation with foreign cooperation and realize synergetic development; on the other hand, we need to fully understand that the technical characteristics of tight gas and shale gas are different from those of the conventional energy and unconventional technical measures, management strategies and methods are required.

 

 

There is an abundance of proven oil reserves in Africa, and so Chinese companies are looking for petroleum business opportunities in Africa. Rich amounts of experience, strong technical support and good reputations have enabled Chinese companies to win projects in the African petroleum market. There is great potential to find big oil reserves in Africa, and the developing African petroleum market has increased Chinese companies' competitive strength.

Revolutionary adjustments were made to the global energy structure in 2017. For the first time, OPEC cooperated with non-OPEC countries to reach an agreement on production curtailment in order to stabilize the oil and gas market. On the one hand, host countries have introduced various fiscal and tax incentive policies to attract investment in the oil and gas industry; on the other, the lack of fiscal revenue has been made up for and the low-carbon environmental protection policy supported by imposing a value-added tax and environmental protection tax. Major consumers have introduced a timetable for the sales prohibition of fuel vehicles and supported the development of new energy vehicles with fiscal and taxation policies. However, from the perspective of the full life cycle, the promotion of electric vehicles is only conducive to partially improving the environment and is not the optimal choice for national energy structure optimization. Electric vehicles will have real significance for environmental protection only after clean electric power is solved. As such, implementing the sales prohibition of fuel vehicles with administrative power goes against market discipline.

 

Since the Eleventh Five-Year Plan, the Chinese government has issued a series of policies to support the development of the coalbed methane (CBM) (coalmine gas) industry. These policies concern prices, taxes,subsidies, resource management, and foreign cooperation, and the Chinese government strongly promoted the smooth start of China's CBM industry. It is difficult to develop CBM in China becauseof the low-output of single wells. Meanwhile, since CBM's sale price is also low, the benefits of development are poor. Coupled with the high cost of capital, poor foreign cooperation management and other adverse factors, the coalbed methane production targets in the two five-year plans have failed one after another. In order to solve the difficult problems restricting the development of the CBM industry and to accelerate its development, this paper interprets the current main policies and analyzes their implementation and outcomes. The results show that:China's CBM industry will issue policies to promote the "three gas production" in coal measures and address the lag in the development of blocks for foreign cooperation, financial support will be taken for exploration and development, further raising the sale price of CBM, and adjustment will be oriented towards making continued efforts to tackle key scientific and technological problems.

2017 has seen the recovery in the global oil and gas market. Both Brent and WTI were priced at over USD 50 per barrel. Oil companies have basically adapted to the relatively low oil price environment through a series of cost-cutting and efficiency measures, and the number of projects making final investment decisions (FID) has increased for the second consecutive year. Global annual new conventional oil and gas reserves hit new lows in 2016 and 2017. However, gratifying progress has been made in the area of unconventional oil and gas. Shale oil and gas in the US has become the biggest bright spot in the oil and gas industry in the past two years. There have also been new developments in the extraction of natural gas hydrates, which may lead to a greater role for natural gas in energy consumption. Recovery will be the main tone of the oil and gas market in 2018.