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.

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.

Entering the post epidemic recovery stage, China’s economic development features acceleration of industrial structure optimization and upgrading. While energy demand is increasing rigidly, energy utilization efficiency is steadily improving, with cleaner energy consumption proportion rising. The direct relationship between China’s economic growth and its emissions may be loosening. New quality productive forces as characterized by innovation, greener and smarter manufacturing, industrial integration and promotion of high-quality economic development, are highly consistent with China’s energy transformation to drive an all-round green and low-carbon development in economy and society. They are bound to play an increasing important role in achieving energy security and build China’s strength in energy.

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.

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.

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.