China Unveils Five-Year Plan to Balance Energy Security and Low-Carbon Goals

China has unveiled a five-year plan for its domestic oil and gas supply, aiming to balance energy security and low-carbon development goals. The plan sets targets across four main areas, with a focus on optimizing the country's oil and gas supply structure.

The plan aims to increase China's domestic oil and gas supply to 440 million tonnes of oil equivalent by 2030. On the demand side, oil consumption is expected to peak before 2030, while natural gas is projected to maintain rapid growth throughout the next five years.

The plan also sets targets for pipeline network development, aiming to add 20,000 kilometers of long-distance oil and gas pipelines by 2030. This will bring China's total pipeline network to 220,000 km.