Chinese Oil Companies (COCs) have made fruitful achievements in their overseas oil and gas activities in multiple key fields worldwide over the past 29 years. In 2021, the overseas equity production of oil and gas totaled 1.61×10⁸ tons of oil equivalent top three COCs (CNPC, Sinopec, and CNOOC). To achieve carbon peaking and carbon neutrality, as well as national energy security, it is vital to acquire all the more overseas oil and gas resources; meanwhile, there are plenty of challenges ahead, such as complex geopolitics, shrinking exploration blocks, limited remaining reserves, the fast natural decline of annual production, difficult asset optimization, and weakness in deep-water technologies. By benchmarking with the major international oil companies (IOCs), this paper puts forward a series of solutions, such as building large-scale production areas at a faster pace, stepping up efforts in acquiring new projects, particularly in countries along the Belt and Road, prudently evaluating and participating in unconventional projects, actively handling marginal assets, and synergizing efforts to tackle critical engineering technological problems. Looking ahead, COCs should follow the philosophy of high-quality development, safeguard national energy security and keep green and low-carbon development to progress in the "going global" activities and overseas oil and gas exploration.

Guided by the new strategy of "Four Revolutions, One Cooperation" for energy security, China's oil and gas industry secured its supply, increased exploration and development efforts, accelerated the construction of natural gas production, supply, storage and marketing systems, and achieved steady improvement in guaranteed capabilities of oil and gas resources during the 13th Five-Year Plan period. As the world's energy transitions are accelerated while profound shifts are underway in the global energy system, China's oil and gas industry is facing greater challenges and more opportunities in many dimensions, such as oil and gas security, low-carbon transition, as well as industrial innovation and upgrading. During the 14th Five-Year Plan period, China's oil and gas industry will actively adapt to energy transition and green & low-carbon production, intensify exploration and development efforts, and continuously improve its reserve and peak-regulation capabilities. Efforts will be made to step up the reform of oil and gas systems and mechanisms, continue to enhance international oil and gas cooperation, and make a positive contribution to the construction of a modern energy system.

In 2021, the world was marked by changes unseen in a century under the impact of the COVID-19 pandemic. Profound adjustments to the global energy supply and demand patterns have led to an evolving pattern of global energy governance. Countries around the world have introduced relevant policies to promote the accelerated transition to a green and low-carbon energy structure. While promoting the energy transition, the world's major oil and gas resource countries are still carrying out internal reforms to strengthen the competitiveness of the oil and gas industry, enhance market maintenance and cooperation, and maintain their traditional energy status. The Glasgow Climate Pact has provided the international community with a new direction for emission reduction and the future energy transition. Major oil and gas consumption countries have set climate targets to lead their green and low-carbon transitions. Green finance is also directing market resources to green and low-carbon sectors. In the future, more countries will introduce "dual carbon" development strategies. Meanwhile, the role of green finance will become more important, and the system of laws, regulations and standards, analysis of environmental risks and regulation of information disclosure will be further improved. With the rapid development of renewable energy, the geopolitical influence of traditional oil and gas resource countries will be greatly weakened, and the boundaries between resource and consumption countries will become increasingly blurred. A new "energy geopolitical map" is being reconstructed.

 

BRICS countries share similar development experiences, and have common interests in carbon peaking and carbon neutral actions. As latecomer emerging economies, the BRICS countries have always represented the interests of developing countries and actively innovated the global climate governance system. In face of tremendous development pressure, BRICS countries still made a solemn commitment to the international community of carbon neutrality, and their carbon neutralization policy achieved certain results.Under the new situation of the recurring global epidemic and the trend of carbon neutrality, differences in internal positions and the transition from carbon peaking to carbon neutrality. In view of this, BRICS countries should actively safeguard the legitimate rights and interests of emerging economies, coordinate their respective policy positions, and build a carbon neutrality policy system adapted to their national conditions, so as to provide a "BRICS approach" for carbon neutrality and climate governance for the majority of developing countries.

 

 

 

Hi, everyone. I'm EI EI CHO, the current Staff Canteen Monitor at the Naypyidaw Office of the Sino-Myanmar Pipeline Project. Since I joined the Naypyidaw Office on December 30th, 2011, I've been working on the project for more than ten years after the busy construction period and stable operation period. Over the past decade, the Naypyidaw Office at the Sino-Myanmar Pipeline Project has moved from a rented hotel to a self-built base, and moved from the construction stage to being successfully put into operation. Myanmar has access to the natural gas transported by the project, which has helped relieve the power shortages in some areas of the country. Ten years have passed, and I met my husband here who will give me a lifetime of happiness! We got married on February 11th, 2022. We'll keep all the wonderful things here and stay in this warm family that we love so much.