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China Issued Action Plan On Accelerating Oil And Gas Exploration And Development

OIL

China’s National Energy Administration issued an action plan to accelerate the integration of oil and natural gas development with renewable energy for 2023-25.

  • Under the Action Plan for Accelerating the Integrated Development of Oil and Gas Exploration and Development of New Energy 2023-2025, the government plans to increase oil and gas supply steadily by 2025.
  • The country aims to increase the supply of natural gas products by 4.5bcm. By increasing pressurized mining and other measures, the cumulative increase in natural gas production is about 3bcm, it said.
  • The tertiary oil recovery methods such as low-cost green power support oxygen-reduced air flooding, carbon dioxide flooding, and electric heating assistance for thermal recovery of heavy oil have increased crude oil production by more than 2mn tons, the report said.
Energy BulletsCommodities
Energy BulletsCommodities

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