China Unveils Five-Year Plan to Balance Energy Security and Low-Carbon Goals
China has released a five-year plan to balance energy security and low-carbon development in its domestic oil and gas supply. The plan sets out key targets across four main areas, including increasing domestic oil and gas supply to 440 million tonnes of oil equivalent by 2030.
The country's oil and gas supply structure will be optimized over the next five years, with oil consumption expected to peak before 2030 and natural gas projected to maintain relatively rapid growth. The plan also sets a target of adding 20,000 kilometers of long-distance oil and gas pipelines by 2030, bringing China's total pipeline network to 220,000 km.
China aims to raise its natural gas reserves to the equivalent of more than 13 percent of national consumption by 2030 and increase the unloading capacity of liquefied natural gas receiving terminals to 200 million tons per year. The plan also introduces new directions for the industry's transformation, including full-scenario integrated development of oil and gas with new energy and associated resources.