China Unveils Five-Year Plan to Boost Oil Drilling Amid Geopolitical Risks

China has unveiled a five-year plan to boost oil drilling and energy security amid rising geopolitical tensions. The National Development and Reform Commission and the National Energy Administration have announced the plan, which aims to increase domestic crude oil supply by 2030.

The plan calls for natural gas storage capacity to exceed 13% of national consumption by 2030, with a target annual handling capacity of 200 million tonnes of liquefied natural gas (LNG) terminals and 114 billion cubic meters of overland pipeline import capacity. China also aims to add 20,000 km of new long-distance oil and natural gas pipelines, bringing the national network to 220,000 km.

The plan explicitly calls for China to reach peak oil consumption by 2030, with a focus on reducing emissions through greater use of green fuels, improved energy efficiency, and electrification. The government also plans to develop intelligent drilling rigs capable of reaching depths beyond 10,000 meters.