China Targets Record Oil and Gas Supply with Ambitious Five-Year Plan

China has set ambitious targets for its oil and gas industry under a new five-year plan. The National Energy Administration (NEA) aims to increase domestic supply to 440 million tonnes of oil equivalent by 2030, with a focus on strengthening domestic capacity and efficiency.

The plan also calls for the addition of 20,000 km of long-distance oil and gas pipelines by 2030, bringing the country's total pipeline network to 220,000 km. This will enable China to meet its growing energy demands while reducing reliance on imports.

Furthermore, the plan prioritizes green production and carbon capture, with a goal of injecting 10 million tonnes of carbon dioxide from CCS/CCUS projects by 2030. The development of solar, wind, and geothermal energy in oil and gas fields will also be encouraged to promote diversification and reduce emissions.