Transition to green and low-carbon energy has become a general trend of global development. The energy transition mainly characterized by “cleanliness and lowcarbon + electrification” will continue to lead a new round of industrial revolution. The energy industry is developing rapidly to be clean, low-carbon, efficient, and integrated. New energy will gradually become a new driving force for economic growth. The oil and gas industry will be subjected to more pressure from public opinions, stricter regulatory oversight, and greater cost pressure. In the “carbon neutral era”, fossil energy will gradually become “supplementary and backup energy” rather than “primary energy”. The oil industry will be restructured and reorganized more quickly throughout the industrial chain. The domestic oil and gas industry is advised to intensify oil and gas exploration and development efforts in the country to increase oil and gas reserves and production, put a high premium on opening to the outside world more extensively, more broadly, and more deeply, continue to intensify international cooperation, enhance international energy cooperation in all directions, improve the capability in global resources allocation, establish a green trading system, and enhance the global trading capability.

 

 

 

The Belt and Road Initiative (BRI) facilitates sustainable development and deepened cooperation, while the “3060” goal (achieving peak carbon emissions by 2030 and carbon neutrality by 2060) accelerates the pace of the global energy transition. Based on the “four reforms and one cooperation” in the energy field, and the Qingdao Declaration released at the 2nd Belt and Road Energy Ministerial Conference, the article analyzes the development trends and prospects of energy cooperation under the Belt and Road Initiative. According to the Declaration, it is proposed that efforts should be made to divert the Belt and Road cooperation from the traditional mode based on oil and gas resources to the direction of interconnection, green and low-carbon, new energy, renewable energy and smart energy.

 

 

This paper discusses the status quo of China’s oil and gas channel construction. The four transnational oil and gas strategic channels in the northwest, northeast, southwest and sea in eastern China have been completed. By the end of 2020, China’s oil and gas import and transportation capacity on land reached 73 million tons/year and 125 billion m³ per year respectively; and the oil loading and unloading capacity and LNG receiving capacity of coastal terminals reached 690 million tons/year and 92.3 million tons/year respectively. This paper also looks forward to the future trends of China’s oil and gas channel construction, focusing on strengthening the construction of the Northwest Channel, Northeast Channel and Offshore Channel, maintaining and consolidating the Southwest Channel, consolidating the “four major import strategic channels” and ensuring the safety of the national natural gas import strategy. Finally, relevant suggestions are put forward. Efforts should be made to develop international oil and gas trade, and form a diversified and balanced import system; overseas oil and gas development strategies should be formulated at the national level to lay a foundation for sharing and utilizing overseas oil and gas resources; the import of natural gas should be coordinated, the bargaining power of international procurement enhanced and the cost of resource procurement reduced; and China’s oil and gas safety prediction and early warning mechanism should be improved, and multi-level and tiered early warning and emergency countermeasures established.

Since the second half of 2020, the volatile trend of global oil prices and the transformation development of oil companies have had a large impact on the global crude oil market. From the perspective of oil price fluctuations, although the oil price is in a relatively high range at the current stage, it is still bound by the low oil price cycle and does not have the basis for an uptrend in the long term. From the perspective of oil company transformation, although the attitudes and paths of European and U.S. oil companies responding to the energy transition differ greatly, they both value the role of the M&A market for oil and gas resources in optimizing their asset portfolios, especially at the current stage of higher oil price levels. For China's oil companies, first, they should grasp the trend of global oil prices as accurately as possible; second, they should make full use of the “window period” of the asset divestment of global oil companies to identify and strive to obtain high-quality overseas oil and gas assets; and third, they should learn from the experience of international companies operating overseas and continuously optimize their overseas oil and gas assets.

 

 

Aiming at the problem of a significant decline in production of super-heavy oil in the late stage of steam huff and puff, and a decline in the oil-steam ratio, this article proposes a series of comprehensive new technologies for 100-ton well cultivation, reservoir refinement, drive drain compound and reservoir potential tapping. Reservoir tracking adjustment have promoted balanced production of reservoirs, optimized reservoir steam injection, and advanced technology upgrades for super-heavy oil fields. The SAGD technology proposed in this paper breaks the current development bottleneck, fills the gap in the development of SAGD in medium and deep heavy oil reservoirs worldwide, solves the problem of super-heavy oil field development, and effectively improves the recovery of super-heavy oil.