In 1993, responding to the national call, Chinese Oil Companies (COCs) started their “Going global”. In this paper, the overseas oil and gas exploration and development activities carried out by COCs in the past 29 years have been divided into four stages: initiation, growth, expansion, and optimization. Nowadays, COCs are operating (including onshore, deep-water, conventional and unconventional resources) all over the world, especially in six oil and gas cooperation regions, becoming as vital players in the international petroleum sector. During overseas operations, COCs acquired a number of large oil and gas fields through M&As and consolidated China’s reserve base as a response to the Belt and Road Initiative. Overseas oil and gas exploration and development of COCs has become an important safeguard for China’s national energy security in the context of rising dependence on foreign oil and gas. Nevertheless, COCs need to summarize the experience and lessons of “Going global”, and improve their overseas oil and gas operations depending on the latest global situation, so as to realize a longer-term development.

2021 marked the start of the “14th Five-Year Plan”. Faced with the complicated international situation, the Central Committee of the CPC attached great importance to energy security and put forward new requirements for the implementation of the new energy security strategy. Guided by the Outline of the People’s Republic of China “14th Five-Year Plan” for National Economic and Social Development and Long-Range Objectives for 2035 and focusing on the goals of Carbon Peaking and Carbon Neutrality, ministries and commissions coordinated development and security, and introduced a series of policies in terms of top-level design, industrial planning and tax regulation. While reiterating the importance of ensuring oil and gas supply and firmly supporting domestic exploration and development efforts, the ministries and commissions have strongly urged deep and practical actions towards Carbon Peaking and Carbon Neutrality, along with more pressing requirements for the green and low-carbon transition of the oil and gas industry. In 2022, the policy keynote will be continued as stated above. On the one hand, with improving energy security as the fundamental starting point, the State will continue to support the oil and gas industry and further reforms in the energy sector; On the other hand, starting with accelerating the transformation of development drivers, the State will continue to improve the “1+N” policy system for Carbon Peaking and Carbon Neutrality, and make a resolute commitment to promoting the green and low-carbon transition of the oil and gas industry.

 

 

 

 

 

China’s natural gas industry saw a strong rebound in supply and demand in 2021, with apparent consumption reaching 372.6 billion m³, up by 12.7% year on year. The increase in domestic gas reserves and production continued to advance, with production reaching 208.6 billion m³, an increase of more than 10 billion m³ for five consecutive years. Imported natural gas grew at a high rate, with imported pipeline gas and imported LNG totaling 169.1 billion m³ in 2021, up by 20.9% year on year, making China the world’s top LNG importer for the first time. In 2022, as China’s economy continues to recover steadily and the development of clean energy decarbonization continues under the “ Carbon Peaking and Carbon Neutrality Goals” strategy, the natural gas market will maintain sustained growth, but the incremental demand level and growth rate will be lower than in 2021, with demand growth expected to reach 6% - 7%.

 

The friendship between countries lies in the friendship between peoples, and friendship between peoples lies in connected hearts. The Sino-Myanmar Pipeline Project has improved the employment conditions and livelihood of people living in areas along the route, making itself a bond of friendship between China and Myanmar. On the 3,200 km coastline of Myanmar, in the jurisdiction of Kyaukpyu City,Rakhine State, in the middle of the southwest coast, lies Made Island, an offshore island of 12 km2, which is the starting point of the 770 km Sino-Myanmar crude oil pipeline.