China Unveils Ambitious Oil and Gas Targets in Five-Year Plan

China has unveiled its 15th Five-Year Plan for the oil and gas sector, setting ambitious targets for energy infrastructure development through 2030. The plan aims to increase liquefied natural gas receiving capacity to 200 million tonnes per year by 2030, exceeding the current level of national consumption. Natural gas storage capacity is also targeted to reach over 13% of national consumption by the same year.

The plan calls for advancing construction of several key pipelines, including the Hainan-Guangdong natural gas pipeline and the Lianyungang-Yizheng crude oil pipeline. Additionally, it supports connecting natural gas, coal-to-gas, and coalbed methane supplies to the national trunk pipeline network.

The plan's goals are designed to meet China's growing energy demands and reduce reliance on imported fuels. The development of domestic energy infrastructure is expected to have significant economic benefits for the country.