China Unveils Five-Year Plan for Domestic Oil and Gas Supply

China has unveiled a five-year plan for its domestic oil and gas supply, aiming to balance energy security with low-carbon goals. By 2030, China's domestic oil and gas supply is expected to reach 440 million tonnes of oil equivalent, while the country's oil consumption is projected to peak before 2030.

The plan also sets targets for pipeline development, with 20,000 kilometers of long-distance oil and gas pipelines to be added by 2030, bringing China's total pipeline network to 220,000 km. This will enhance energy security and efficient resource allocation.

Furthermore, the plan aims to increase natural gas reserves to over 13% of national consumption by 2030, with the unloading capacity of liquefied natural gas receiving terminals reaching 200 million tons per year, and the import capacity of onshore natural gas pipelines scheduled to reach 114 billion cubic meters annually.

The plan also emphasizes the importance of carbon capture and storage (CCS) and carbon capture, utilization and storage (CCUS), with an annual carbon dioxide injection target of 10 million tonnes by 2030. This will help reduce carbon emissions from fossil energy and promote sustainable development in the oil and gas industry.