Under the carbon neutrality goal, energy transition has become a global consensus. As traditional oil and gas operations face increasing pressure, international oil companies are intensifying their efforts towards low-carbon and zero-carbon initiatives, advancing towards green and low-carbon enterprises. To align with the global energy transition trend, CNPC’s overseas operations need to actively adapt to new circumstances, seize opportunities in the green transition, accelerate its pace, and adjust its business layout. This article has reviewed and analyzed the new energy resource endowments and development policies of CNPC’s five major overseas cooperation zones, and has proposed differentiated new energy development strategies for overseas cooperation zones according to local conditions and category-based policies, providing support and reference for the development of overseas new energy business.

The shale oil and gas revolution is one of the best examples of innovation. Theoretical and technological innovation and innovation in management and business models have collectively facilitated the development of shale oil and gas. Among them, theoretical innovation is the foundation, technological innovation is the most important driving force and innovation in management and business models is a powerful guarantee for promoting the scale development of shale oil and gas. Analysis reveals that the longterm investment by the U.S. government in basic research, along with corresponding fiscal and tax policy guarantees, a highly competitive free market mechanism, and a system of professional collaborative division of labor, have laid a solid foundation for innovation in the U.S. shale oil and gas revolution. While recognizing the positive and proactive role of innovation in the shale oil and gas revolution, it is also important to deeply understand the differences that China faces in the exploration of shale oil and gas, in terms of geological resources and policy mechanisms. It is recommended to enhance the integration of industry, university and research to lay out innovation, strengthen policy support, innovate business models, and pay attention to the development of digitalization and intelligence.

Under global consensus on carbon neutrality and the intensification of regional conflicts, new energy has become the primary direction for various countries to achieve energy security and green development. Represented by wind, solar, geothermal, hydrogen and stored energy, and controllable nuclear fusion, the technological and scale advantages of new energy are being continuously strengthened. Low-cost wind, solar, and stored energy will support the global energy transition. The production and utilization of new energy enter a rapid development phase. In 2022, the average global consumption of new energy accounted for 18.2%, and it is expected to reach around 55% by 2050. The distribution of the world’s energy resources, consumption regions, technological development, per capita consumption, energy-saving fields, and carbon emissions is uneven. The acceleration of low-carbon development in fossil fuels, the scale-up of renewable energy, and the intelligentization of energy management drives the rapid transition of global energy.

China has rich deep shale gas resources, which will be an important source for an increase in China’s natural gas production in a certain period in the future. Realizing its large-scale efficient development is of strategic importance in ensuring national energy security. This article analyses and summarizes the opportunities and challenges in China’s scale economy development of shale gas. Opportunities: China’s natural gas market has immense potential, and the prospects for shale gas development are broad; the national and local governments value and support the exploration and development of shale gas; there is a rich resource base that allows for rapid production increase and stable output of deep shale gas; technological advancements will accelerate the pace of scale economy development of deep gas resources. Challenges: The exploration and development of deep shale gas are more difficult than that of shallow shale gas; exploration and development costs are high, making it difficult to reduce costs and increase efficiency; there is a long way to go in efficiently utilizing shale gas data assets; coordination between enterprises and localities faces new challenges. The conclusion asserts that it is essential to adhere to principles such as top-level design, market operation, and mutual benefit, and to optimize and enhance the measures for the scale economy development of deep shale gas in China: continuously improve the cooperative model of shared risks and benefits to maximize synergistic effects; strengthen technological research and advance scientific and technological leadership; deepen collaboration between enterprises and localities to promote synergistic development; accelerate the cultivation of natural gas utilization industry clusters and promote the local use of shale gas; actively seek governmental support for the industry and continuously optimize the policy environment.

This article discusses the design features of pipes in thermal insulation used in the construction of main and field pipelines in Arctic conditions. The defects that occur during the production, transportation and storage of pipes are given. Recommendations for repair or prevention of defects are given. The information may be useful to Chinese manufacturers and transport companies in order to ensure the possibility of supplying pipes to construction sites in Arctic conditions.

In 2023, China’s energy policy primarily focused on deepening systemic and institutional reforms, enhancing energy security capabilities, strengthening energy conservation and carbon reduction, and improving the standard system. It has laid the foundation for China’s policy direction, which is predicated on ensuring energy security, centered on economic construction, and aimed at achieving the carbon peak and carbon neutrality goals on schedule. In the current key tasks, China has accelerated the construction of a big unified electricity market, vigorously promoted upgrading industries for low-carbon, high-end, and intelligent development, and established carbon markets and standard systems aligned with international practices, achieving substantial progress.

As climate change draws more attention globally, the development of low-carbon economy has become an inevitable choice for mankind to achieve sustainable development. The increasingly strict control of carbon emission is making carbon emission rights a scarce resource and endowing the rights with the attributes of assets and commodities. China has announced the goal of “carbon emission peaking before 2030 and carbon neutralization before 2060”. Responding to this goal, as major carbon emitters, oil companies play the role of a driving force for green and low-carbon development. Carbon assets management is a key path for oil companies to achieve emission reduction goals and low-carbon transformation. However, the carbon assets management of China’s oil companies is still in the initial stage, with the system and regulations not yet sound, and the management process not yet closed loop. First the modes and experiences of carbon assets management in major international oil companies is introduced. Then the objective logical relationship and linkage laws between carbon assets management and enterprise value creation are comprehensively analyzed by integrating the basic theories of economics and management. On this basis, a value-creation oriented carbon assets management system for oil companies is constructed, mainly covering aspects such as enterprise strategy, control mechanisms, carbon inventory, and management modes.

2.Over the past decade, China’s refined oil market has experienced considerable growth and fluctuations. Gasoline consumption has generally followed the growth rate of vehicle equipment, with fluctuations influenced by travel frequency; aviation fuel consumption has seen stable growth following the end of COVID-19, while diesel consumption has been affected by multiple factors including demand and policy. With the rapid development of new energy vehicles and alternative fuels, the gasoline and diesel market has essentially peaked, yet domestic production of refined oil continues to grow, leading to an increasingly prominent oversupply issue. To achieve the dual carbon goals, the Chinese government has introduced a series of policies that have a profound impact on the refined oil market. Facing resource surplus and market demand changes, the refining industry needs to optimize production capacity structure, and oil products retail companies face transformation pressure. The article aims to provide market analysis and recommendations, serving as a reference for relevant enterprises and policymakers.

The deduction of energy consumption for raw materials and non-fossil energy in the calculation of energy intensity involves a simple change that will have direct and profound impacts. This paper reviews the historical context and current status of China’s energy intensity control strategies, dissects the rationale for recent adjustments in energy intensity calculation methodologies, and examines policy changes from the perspectives of actively responding to internal and external challenges to promote energy transition, coordinating development and emissions reduction based on China’s energy resource endowment, and transforming energy intensity control as a driving force for accelerating the development of strategic emerging industries and high-quality growth. Furthermore, the paper projects future trends in energy intensity control strategies and their impacts, suggesting that China’s approach will hasten its shift towards “dual control of carbon emissions”, expanding economic development space while reducing fossil fuel consumption on one hand and vigorously developing non-fossil energy sources like wind and solar power on the other. Finally, suggestions for improving energy intensity control strategies are proposed, including expediting the establishment of a unified and standardized carbon emissions statistical accounting system, vigorously advancing the construction of carbon markets, and steadfastly promoting technological innovation.

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.

Energy cooperation is a key area in the joint construction of the Belt and Road Initiative. To deepen international energy cooperation, it is advisable to place greater emphasis on whole life cycle and systematic planning in project collaboration, government-led initiatives with businesses playing a central role, alongside coordination with non-governmental international institutions, and comprehensive integration of resources.

The Belt and Road Initiative (BRI) is a path of wisdom, interconnection, and green and sustainable development. Energy cooperation is a key focus area under the BRI and is also the main thrust for achieving the dual carbon goals. Today, new productive forces such as the Internet, the Internet of Things, cloud platforms, big data, and artificial intelligence are developing vigorously, and smart energy cooperation under the BRI is imperative. Based on the background of high-quality BRI cooperation and the dual carbon goals, this article analyzes the current status and challenges of smart energy cooperation under the BRI, discusses ways to enhance the energy science and technology level under the BRI, build consensus across multiple parties, reduce the digital divide in smart energy cooperation, strengthen risk management and control, and comprehensively realize high-quality smart energy cooperation under the BRI, forming a new productive force in the joint construction of BRI energy projects.

Brazil possesses abundant new energy resources such as solar energy, wind energy, and biomass energy, and is at the forefront of the world in the development and utilization of new energy, becoming a pioneer in energy transition and low-carbon development. Renewable energy accounts for nearly half of Brazil’s primary energy consumption, with the share in the power sector exceeding 75%. Brazil has achieved its carbon peak and is still actively promoting carbon and emission further reduction and the development of new energy. Brazil’s onshore wind power technology and market are mature, and the potential for offshore wind power is enormous, but it has not yet been commercially developed. Solar photovoltaic growth is rapid, and distributed photovoltaics has become mainstream. Biomass energy production and technology are world-leading and undergoing upgrades. The prospects for the hydrogen energy industry are broad, and it will develop in coordination with offshore wind power. Brazil is actively promoting new energy policies and the concept of green and low-carbon development in various sectors, with green development of offshore oil fields emerging as a new benchmark for low-carbon development in the deep-water oil and gas industry. Deep-water oil fields are concentrated in the southeastern seas of Brazil, featuring vast reserves and production scales. They are primarily developed using the FPSO+subsea production system method. This development approach incorporates the separation and reinjection of associated CO2 through CCUS-EOR, fully utilizing the matured WAG technique during the process. Additionally, there is active ongoing research and development in new technologies and equipment, such as AMS, CMS, and HISEP. Carbon emissions during FPSO operations are primarily reduced by replacing diesel with natural gas and enhancing fuel gas efficiency. At the same time, Brazil is also actively developing new energy sources such as offshore wind power, while simultaneously digitalizing and enhancing the intelligence of the oil fields. These efforts aim to achieve the electrification and decarbonization of deep-water oil fields.

In the background that countries all over the world have gradually reached the climate consensus and successively announce the goal of carbon neutrality, CCUS has been more prominently standing out with its necessity and importance to be an essential key technology to promote massive utilization of fossil fuels and reach sustainable development scenario, becoming flourished with a positive trend in recent years. Based on the analysis of the development status of CCUS, this paper focuses on the effective supporting policies and business models of both domestic and foreign banks, forms a judgment on the future trend of the industry, and puts forward relevant suggestions for the promotion of the CCUS industry.

Yumen Oilfield, situated in Jiuquan’s resource-abundant landscape, capitalizes on its renewable energy potential, actively developing wind and photovoltaic projects. Yet, limited grid connectivity impedes transmission, resulting in high renewable energy curtailment rates and diminished investment returns. In response, Yumen Oilfield aims to aggressively enhance on-site green electricity usage and embark on “Power-to-X” ventures for efficient green power consumption. Initiatives are underway, including large-scale hydrogen production via water electrolysis, complemented by dedicated hydrogen pipeline networks and refueling stations servicing nearby chemical parks. This transition to green hydrogen in refining operations, substituting grey hydrogen, bolsters the progression of a green hydrogen chemical industry. Increased green hydrogen consumption ensures a robust and enduring renewable power ecosystem at Yumen Oilfield.