New Trends in Oil and Gas Security and Energy Transition

Abstract
Figure/Table
References
Related Citation (0)

Download: PDF (773 KB) HTML (1 KB)
Export: BibTeX | EndNote (RIS)

Abstract The report on the 20th National Congress of the Communist Party of China proposes promoting green development, advancing harmonious coexistence between humans and nature, and ensuring energy security. At COP28 2023, existing climate targets were reinforced, and a fresh accord was reached for scientifically achieving net-zero carbon emission. The global energy market is being transformed, with oil and gas regaining prominence in energy security. Firms are concentrating on core competencies amidst transitions, though upstream investments show a gradual rebound. The global carbon dioxide capture and storage (CCS) projects has witnessed a significant rise, with Direct Air Capture (DAC) technology gaining attention. Carbon dioxide Capture, Utilization, and Storage (CCUS) is essential as a foundational technology for achieving dual carbon goals. In light of global future development goals and China’s national conditions, this article discusses the evolving trends in the international oil and gas sector alongside China’s domestic energy security landscape. It proposes prospective trajectories for the growth of China’s oil and gas sector and measures to guide and respond to challenges during the energy transition process, providing references for decision-making in the transformation of oil and gas companies. China has a high level of energy self-sufficiency, with the overall energy security situation remaining controllable. China’s oil and gas sector is seeing three-pronged progress: deepening exploration to 10,000s of meters, nano-level reservoir description, and reviving mature fields for a new era. Focusing on deep layer, deepwater, unconventional and mature oilfields, strengthening Belt and Road energy partnerships, enlarging reserves, optimizing pipeline network layout, implementing a smart risk-management ecosystem, and driving the CCUS technology revolution.

Published: 13 January 2025

	Service

	E-mail this article
	Add to my bookshelf
	Add to citation manager
	E-mail Alert
	RSS
	Articles by authors

Cite this article:

URL:

http://www.coag.com.cn/EN/ OR http://www.coag.com.cn/EN/Y2024/V31/I3/3

[1]	SUN L D, LU R Q, YANG Y, et al. Discussion on Sino-U.S. energy cooperation under the new situation[J]. World Petroleum Industry, 2023, 30(1): 2-9.
[2]	DAI H L. Ensuring national energy security with the “Five Unswerving Strategic Policies”[N]. People’s Daily, 2022-12-02(9).
[3]	LIU G Z, HUANG H K, HU H M. “Two hemispheres” and “two energy circles”: reshaping of the global energy structure in the context of Russia-Ukraine conflict[J]. Russian, East European & Central Asian Studies, 2023(1): 72-89, 155-156.
[4]	Sinochem News Network. Global proven oil and gas reserves continue to grow[EB/OL]. (2023-04-19) [2023-12-19] http://www.sinopecnews.com.cn/xnews/content/2023-04/19/ content_7063797.html.
[5]	SUN L D, CHEN Y P, GE Z X, et al. Upstream green and low-carbon transformation and innovation of the oil and natural gas industry in China[J]. International Petroleum Economics, 2022, 30(10): 1-9.
[6]	TANG D L. Remember to practice “the job of energy must be in your own hands”: Interview with Sun Longde an academician of Chinese Academy of Engineering[J]. China Petroleum Enterprise, 2022(Z1): 19-22, 155.
[7]	DOU L R,SUN L D, LYU W F, et al. Trend of global carbon dioxide capture, utilization and storage industry and challenges and countermeasures in China[J]. Petro-leum Exploration and Development, 2023, 50(5): 1083- 1096.
[8]	SUN L D, CHEN Y P, GE Z X, et al. Upstream green and low-carbon transformation and innovation of the oil and natural gas industry in China[J]. International Petroleum Economics, 2022, 30(10): 1-9.
[9]	CAI Bofeng, LI Qi, ZHANG Xian, et al. China status of CO2 capture, utilization and storage (CCUS) 2021: China CCUS pathway study[R]. Beijing: Chinese Academy of Environmental Planning, 2021.
[10]	LIAO C J, ZHANG K W, WANG J, et al. Progress on direct air capture of carbon dioxide[J/OL]. Chemical Industry and Engineering Progress 2023: 1-19[2024-01-01]. https:// doi. org/10. 16085/ j.issn.1000-6613.2023-0606.
[11]	Zhou A G, Zheng J L, Yang C R, etc. Industrialization progress of direct air carbon dioxide capture technology [J].Chemical Industry and Engineering Progress, 2024, 43(6): 2928-2939.
[12]	ZHANG J, CUO W, ZHANG B. Research progress on direct capture of CO2 from air[J]. Clean Coal Technlogy, 2021, 27(2): 57-68.
[13]	HUANG K, ZHANG W Y, WANG F X, et al. Development status of underground space energy storage and investigation suggestions[J/OL]. Geology in China, 2023, [2024-01-01]. http:// kns.cnki.net/kcms/detail/11.1167. P.20230616.1322.002.html.
[14]	LI J J. Development status and prospect of underground gas storage in China[J]. Oil & Gas Storage and Transportation, 2022, 41(7): 780-786.
[15]	HE W Y. Discovery and significance of nano pores and nano fractures of clay in Gulong shale oil reservoir in Songliao Basin[J]. Petroleum Geology & Oilfield Development in Daqing, 2022, 41(3): 1-13.
[16]	SUN L D, SU X L, ZHU X S, et al. The situation and technology development of oil industry under low oil price[J]. International Petroleum Economics, 2016, 24(1): 2-9.
[17]	SUN L D, ZHU X S. The energy revolution: The future of oil and gas development in China[J].International Petro-leum Economics, 2015, 23(1): 2-7, 109.
[18]	JIA C Z, WANG Z G, JANG L, et al. Achievements and future potential for oil & gas exploration and development in China: deep-formation, deep-water and unconventional reservoirs: Interview with JIA Chengzao, Academician of the CAS, geologist in petroleum geology and structure[J]. world petroleum industry, 2023, 30(3): 1-8.
[19]	SUN L D, QIAN X K, JIANG X F, et al. Oil and gas cooperation between China and Russia for 20 years[J]. International Petroleum Economics, 2015, 23(11): 1-6.
[20]	China Economic Times. The oil and gas industry should transform and develop in six aspects [EB/OL]. (2023-10-26) [2023-12-25] https://baijiahao.baidu.com/ s?id=178074438 7579444142&wfr=spider&for=pc.
[21]	China Development Network. The 2024 National Energy Work Conference was held, deploying 9 key tasks[EB/OL]. (2023-12-22) [2023-12-25] https://baijiahao.baidu.com/s?id= 1785964820492748391&wfr=spider&for=pc.