Due to the impact of COVID-19 and other factors, since 2020, apart from the steady growth in coal consumption, the consumption of oil and natural gas has experienced fluctuations. Statistics from relevant organizations indicate that in 2023, the consumption of oil and coal will reach a new high, and there will be a recovery in the growth of natural gas consumption. During the three years of COVID-19 and the global energy crisis, coal, the most conventional fossil fuel, saved the world. Coupled with the growth in the consumption of oil and natural gas in 2023, it is evident that, amidst the surge of energy transition, all three conventional fossil fuels are silently undertaking the significant responsibility for ensuring the energy needs of human society.

 

As a primary energy source with such advantages as low development costs and carbon-free emissions, natural hydrogen holds immense potential for China’s clean energy revolution. This study reviews global cases of natural hydrogen exploration and concludes that the water-rock reaction in iron-rich rock is the most significant source of natural hydrogen generation. Natural hydrogen is primarily found in geological settings such as subduction zones, rift zones, and banded iron formations (BIFs) from the Precambrian era. Based on the distribution of these three geological environments, the most promising zones for natural hydrogen exploration in China are pointed out, including the intracontinental rift zones in Songliao Basin, overlap area of BIFs and the extensional basin of the North China Craton, developed zones of BIFs and large igneous provinces in Tarim Craton, southwest margin of Yangtze Plate, and Sanshui Basin.

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.

In 2023, China’s natural gas sector experienced robust growth in both supply and demand dynamics, as consumption regained an upward trend, reaching 394.53 billion m3, reflecting a 7.6% year-on-year surge. Domestic gas production and reserves persistently progressed, hitting a production volume of 228.84 billion m3 and achieving a seven-year consecutive increment exceeding 10 billion m3. After an initial sharp decline, imported natural gas rebounded to record growth; the combined import volume of pipeline gas and LNG climbed to 163.92 billion m3, a notable 11.3% rise compared to the previous year. As China’s policies for stable economic growth are further entrenched in 2024, the macroeconomic recovery is anticipated to continue. Bolstered by the dual-carbon strategy and the transformative policies targeting high-energy-consuming industries, the natural gas market is expected to sustain its rapid expansion, with estimated growth in demand ranging between 5.8% and 7.1%.

China has pledged to the world to achieve carbon peak in 10 years and carbon neutrality in 30 years. This is an extremely arduous task, as it faces numerous challenges, including high energy consumption, heavy reliance on coal within its energy mix, and a large base of carbon emissions that must be controlled. To this end, it is necessary to advance the new energy security strategy of “Four Revolutions, One Cooperation” to a deeper level. According to interpretations from various parties, the new energy system is preliminarily summarized to have six features: new energy structure, new system form, new industrial system, new governance system, new system and mechanism, and new regulatory method. Considering building a new energy system comprehensively, “Ten Commitments” have been proposed to help achieve the dual-carbon goals. The specific measures include: ensuring the security and stability of energy supply, accelerating the transformation to green and low-carbon energy, giving priority to energy conservation and efficiency improvement, promoting multi-energy complementation and synergistic and integrated development, enhancing the digital intelligence level in the energy industry, developing centralized and distributed energy, advancing the rural energy revolution, developing critical and core technological equipment and the comprehensive energy service industry, and promoting high-quality development of the Belt and Road Initiative.

Amidst the pround changes in the global energy landscape, Chinese petroleum refining enterprises are facing a critical phase of digital transformation.This study examines both the prevalent global energy situation and the current status of Chinese petroleum refining enterprises . It elucidates the precise implementations of digital intelligence technology in various aspects such as production operation monitoring, energy management, and safety protocols, with a case study focus on Lanzhou Petrochemical Company. Drawing on practical experiences, this paper summarizes scientific management methodologies and decision-making frameworks. The aim is to provide theoretical support for the digital transformation and advancement of Chinese petroleum refining enterprises, while presenting fresh perspectives and guidelines for the industry's sustainable progress.

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.

At present, China is facing new strategic opportunities as well as risks and challenges in its development. Faced with the challenges brought by current global major risks, China urgently needs to build a group of world-class enterprises as ballast stones. Accelerating the development of a number of world-class enterprises is an important support for China to enhance its comprehensive strength and international competitiveness, and is crucial for the realization of the strategic blueprint for socialist modernization. After more than forty years of reform and opening up, Chinese enterprises have rapidly developed and grown stronger, with their position rising and their influence in the global market increasing continuously. However, Chinese enterprises are “large in size but not yet strong enough”. In this context, this paper systematically analyzes the practical significance and theoretical connotation of building world-class enterprises and the status quo of building world-class enterprises in China and takes CNOOC as an example to deeply analyze the practices of large central enterprises to build world-class enterprises at the levels of group and subsidiaries, providing a reference for Chinese enterprises to accelerate their progress towards worldclass enterprises.

Focused on “energy security”, US energy policies have undergone a multi-stage evolution. The main line has shifted from ensuring the oil and gas supply to achieving energy independence, and then to diversified development under a broader concept of energy security. The development path of US oil and gas companies is guided and influenced by series of policies. Represented by ExxonMobil and Chevron, US oil companies are maintaining a long commitment to the oil and gas business, especially unconventional resources such as shale gas and shale oil. Different from their European counterparts, US oil companies have chosen CCS/CCUS as their primary method for achieving carbon neutrality. As for the new energy business, the US oil giants are showing more interest in raw materials such as lithium resources rather than the power generation business.

This paper delves into the current application, challenges, and demands of data governance in the oil and gas industry, as well as methods and implementation strategies to enhance data governance efficacy through the latest technologies such as large language models and algorithm optimization. Through the analysis of the current application status of large language models in intelligent data classification, data quality improvement, knowledge extraction and management, and intelligent search and information retrieval, the main challenges and demands faced by the petroleum and petrochemical industry in data governance have been revealed. A set of data governance optimization solutions tailored for the oil and gas industry has been proposed. These solutions aim to address the current data management challenges in the industry through advanced data processing technologies and algorithmic optimization, enhance the efficiency and quality of data governance, and thereby support the digital transformation and development of the oil and gas industry.

Chinese-style modernization emphasizes the harmonious coexistence of man and nature and actively yet prudently promotes carbon peak and carbon neutrality. It delves deeply into the energy revolution, upholding the following principles: the “independence” of energy production, the “green” energy supply, the “security” of energy reserves, the “efficiency” of energy consumption, the “intelligence” of energy management, and the “economy” of energy costs. Efforts are being made to accelerate the planning and construction of a new type of energy system that is green and smart, with new energy, new electricity, new stored energy, and new smart energy as the mainstays, to ensure energy security. Currently, China is an energy power but not an energy superpower, and its energy consumption structure still needs further optimization. China’s new energy security strategy is composed of energy consumption revolution, energy supply revolution, energy technology revolution, and energy system revolution, complemented by comprehensive strengthening of international cooperation. This approach is aimed at advancing China’s energy revolution and transforming the nation’s energy supply pattern and shifting from a consumption mix in 2022, wherecarbon-intensive fossil fuels accounted for over 80% and CO2 emissions from carbon-based energy sources made up over 80%, to a scenario by 2060 where non-carbon new energy consumption exceeds 80% and CO2 emissions are reduced by more than 80%. Accelerating the new energy revolution is a strategic choice for building an energy superpower, achieving China’s energy independence, and national rejuvenation. It is of great significance for realizing the “dual carbon” goals, constructing a new type of green energy system, and establishing a green ecological Earth.

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.

The oceans’ vast expanse has given rise to copious oil and gas resources, with recent years witnessing a steady unlocking of offshore oil and gas potential, positioning them as a key successor in global energy reserves. Currently, offshore oil and gas extraction constitutes nearly a third of the world’s oil and gas output. This segment has evolved into a mutually beneficial ecosystem where operators and service providers collaborate closely around exploration and development activities. Investment in offshore oil and gas typically follows a dual “one-third” pattern, reflecting high upfront costs but promising returns. It also underscores the stark variations in project viability and regional economic efficiency, with monopolistic traits seen at both national and corporate levels. Collaboration has emerged as a key tactic for resource-rich countries and oil companies to advance their offshore ventures. Given the distinct nature of offshore oil and gas development, Chinese oil companies are advised to seize opportunities in marine exploration, emphasize the coordination and planning abilities of the global supply chain, focus on the reserves of offshore oil and gas development technologies, as well as the capabilities of commercial talents and other forms of support, courageously pursue significant offshore assets, and effectively utilize global technology, equipment, and expertise, and rapidly build a competitive edge in offshore oil and gas projects.

Energy is an important cornerstone for the development of human society and is crucial for the development of a country's economy and society. In the past decades, European countries have been dependent on Russian gas imports to meet their energy needs. However, changes in the international energy geopolitical landscape and adjustments in Russia's energy policy, coupled with U.S. and Western sanctions against Russia and Russian counter-sanctions due to the Ukraine crisis, have further complicated the already severe energy supply and demand situation in Europe, leading to increased energy supply uncertainty and sharp increases in energy prices in several European countries, especially in natural gas energy. Energy uncertainty and risks have turned into a serious energy crisis. The European energy crisis not only has a direct impact on the economic and social development of European countries, but also greatly affects the global energy supply and demand pattern, global economic trade and industrial chain and supply chain security. A deep understanding of the causes of the European energy crisis and the strategies and measures taken by European countries to cope with the energy crisis has important implications for us to avoid energy risks.

Since SINOPEC carried out the action plan of dramatically improving oil and gas exploration and development in 2019, oilfield development front has actively overcome the impact of disadvantage factors such as sharp fluctuations in oil prices, recurrent COVID-19 and withdrawal of nature reserves, fully implemented the decision and deployment of company group’s party leadership, focused on improving productivity, controlling decline, increasing recoverable capacity and reducing cost, adhered to the detailed reservoir understanding, precise plan deployment, detailed supporting processes and actuarial development benefits for strengthening the construction of production efficiency, paid close attention to the detailed development of old oilfields, enhanced the promotion and application of significantly improved oil recovery technology, put forth effort on consolidating the foundation of stable production, to make sure the production stable and rising, and oil production exceeded the planned target during the period from 2019 to 2022. In 2022, 35.32 million tons oil were produced, with an increase of 0.16 million tons, marking the largest increase in the nearly past four years.

As an important measure to deal with climate change, the implementation of the EU carbon border adjustment mechanism (CBAM) will inevitably have an impact on the export of some products in China, and even have a far-reaching impact on the global industrial chain layout. On the basis of expounding the basic content and construction purpose of EU’s carbon border adjustment mechanism, this paper reveals the influence of carbon border adjustment mechanism on China-EU trade by analyzing the current situation of China-EU trade, and points out that the impact of carbon border adjustment mechanism on China’s macro-economy in the short term is limited, but it will weaken the international competitiveness of China’s steel and aluminum industries to some extent and increase the export costs of related enterprises in China. Therefore, China should improve the carbon emission trading system and the domestic carbon trading market; Accelerate the promotion of industrial green and low-carbon competitiveness; Implement the carbon-neutral strategy of enterprises to promote the low-carbon transformation of enterprises; Timely negotiation and consultation with the EU to deepen international cooperation.

2.The rapid development of the digital economy and profound changes in currency functions have driven the emergence of a large number of digital currencies. In order to improve the competitiveness and efficiency of payment systems, governments all over the world have accelerated the research and development of central bank digital currency (CBDC). After years of preparation and research and development, Digital renminbi has also entered the pilot application stage. Given the many shortcomings of the current cross-border payment system, CBDC cross-border payment has become an important development direction. At present, some central banks are collaborating on CBDC cross-border payment research and initiating experimental plans to explore CBDC cross-border payment arrangements. With the expansion of the acceptance range of Digital renminbi and the improvement of the international use level of CNY, oil and gas enterprises will have broad prospects in the cross-border payment field in the future. This paper suggests that oil and gas enterprises, in accordance with the principle of “from easy to difficult, step by step”, give priority to the introduction of Digital renminbi from regions and fields where RMB or local currency settlement has been achieved, and combine Digital renminbi with imported oil and gas to explore the use of Digital renminbi in cross-border payment.