China Sets Sights on 440 Million Tonnes Oil, Gas Supply by 2030

China's National Energy Administration (NEA) has set ambitious targets for the country's oil and gas sector by 2030. The plan, jointly issued with the National Development and Reform Commission, aims to increase domestic oil and gas supply to 440 million tonnes of oil equivalent. This will be achieved through a combination of intensified exploration and development, boosted reserves and production, and expanded pipeline networks.

The new five-year plan also sets targets for reducing carbon dioxide emissions from carbon capture and storage projects, with an aim of reaching 10 million tonnes by 2030. Additionally, China aims to raise its natural gas reserves to over 13% of national consumption by the same year.

According to Deputy Director Yang Jun of the Oil and Gas Department at the NEA, the plan focuses on two major tasks: ensuring energy security and promoting green and low-carbon development. The goal is to build a modern oil and gas industry with stronger domestic supply capacity, more efficient pipeline networks, and greener production methods.