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 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.

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.

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.

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.