China Unveils Ambitious Plan for Oil and Gas Development

China has released its '15th Five-Year Plan' for oil and gas development, outlining a roadmap for the industry's growth over the next five years.

The plan prioritizes energy security by ensuring adequate supplies of oil and gas, while also pursuing a green transition to make oil and gas production low-carbon and environmentally friendly.

By 2030, China aims to establish a modern oil and gas industry system that is self-reliant, controllable, green, and low-carbon.

The plan sets several key targets, including increasing domestic oil and gas supply to 440 million tons of oil equivalent by 2030, expanding the national oil and gas transmission network to 220,000 kilometers, and increasing natural gas reserves to account for more than 13% of national consumption.