China State Planner and the National Energy Administration’s 15th Five-Year plan
calls for stepped-up oil and gas exploration investment, prioritizing deep
onshore, deepwater, unconventional and mature fields and making offshore and
unconventional supplies the backbone of stable crude output. The plan sets a
crude production target of about 200 million tons per year and calls for
steady growth in natural gas output. It mandates accelerated trunk-pipeline and
interconnection projects, targeting primary gas transmission capacity of 500
bcm/year by 2030, development of provincial networks off the national trunk
grid, and coordinated optimization of refinery, port and crude/refined-product
pipeline layouts and flows.
