China's oil and gas industry analysis and outlook series of blue books released

On April 15th, By the China Petroleum Enterprises Association, the Belt and Road Energy Trade and Development Research Center of the University of International Business and Economics, the China Institute of International Low Carbon Economy, the University of International Business and Economics, the China University of Petroleum ( Beijing), Southwest Petroleum University China Energy Index Research Center jointly compiled the "China Oil and Gas Industry Development Analysis and Outlook Report Blue Book (2022-2023)" referred to as "Oil and gas industry Blue Book", "China Low Carbon Economic Development Report Blue Book (2022-2023)" (referred to as "Low carbon Economy Blue Book") "Refined oil and new energy development report blue paper The book (2022-2023) (referred to as the "Blue Book of Refined Oil and New Energy") and the Blue Book of the Annual Operation Report of China's Natural Gas Industry (2022-2023) (referred to as the "Natural Gas Industry Blue Book") were officially released to the public in Beijing.

4 This Energy Blue Book is an in-depth report that studies and analyzes the status quo and trend prospects of the development of China's and even the world's energy industry chain from a full perspective and is currently published in China. By building a multi-equilibrium model framework, the research team will observe and analyze the changes in China and even the world energy market in 2022, including the geopolitical game, national energy policies, the evolution of the global industrial chain and the integration of business models, as well as the resulting changes in the upstream and downstream links, and predict and evaluate the market trend, process and development trend in the future period. The Blue Book is not a yearbook in the general sense, but a think tank view and report based on annual analysis and outlook for the next year. It aims to provide the industry with a panoramic and three-dimensional picture of the evolution of the oil and gas market, and at the same time, it describes and analyzes the market fluctuations, and gives the forecast and judgment methodology.

According to the Blue Book of the Oil and Gas Industry, in 2022, the remaining proved reserves of global oil are 240.69 billion tons, an increase of 1.3%. The world's remaining proven reserves of natural gas were 211 trillion cubic meters, up 2.2 percent year-on-year. Global oil production was 4.349 billion tons, up 2.8% year-on-year. Global gas production was 4.25 trillion cubic meters, up 0.4 percent year-on-year. Affected by the weakening momentum of global economic growth and other factors, the growth of world oil demand in 2022 will slow down, increasing by 2.15 million barrels per day year-on-year to 99.8 million barrels per day. Natural gas consumption fell to 4.01 trillion cubic meters, down 0.8 percent year on year. Global oil demand is expected to reach 101.9 million barrels per day in 2023; Global demand for natural gas rose 0.8% to 4.13 trillion cubic meters. Global oil and gas production is expected to continue to grow slightly in 2023, with US oil and gas production continuing to grow significantly, while Russian oil and gas production may decline more than 2022.

In the face of multiple unexpected factors at home and abroad, China's oil and gas enterprises take the protection of national energy security as their own duty, and strive to promote the increase of storage and production, which provides important momentum for the economic recovery. According to the "Oil and Gas Industry Blue Book" data, in 2022, China's new proved geological reserves of oil more than 1.4 billion tons, new proved geological reserves of natural gas more than 1.2 trillion cubic meters; Crude oil production reached 205 million tons, up 2.9% year-on-year, returning to the "safe line" of 200 million tons. Natural gas output was 220.1 billion cubic meters, a year-on-year growth of 6.07%, and an increase of more than 10 billion cubic meters for five consecutive years. At the same time, China's imports of crude oil 508.28 million tons, down 0.9% year-on-year, crude oil dependence dropped to 71.2%; Imports of natural gas were 109.25 million tons, down 9.9% year on year, and the dependence on foreign natural gas dropped to 40.2%. Oil and gas production and sales show a trend of "two increases and two decreases". It is expected that in 2023, China's oil and gas production will continue to grow, crude oil production will stick to the "200 million tons +" safety line, and natural gas production will exceed 235 billion cubic meters.

In 2022, China's ecological civilization construction will enter a critical period with carbon reduction as the key strategic direction, promoting the synergy of pollution reduction and carbon reduction, and realizing the improvement of ecological environment quality from quantitative change to qualitative change. According to the Blue Book of Low Carbon Economy, in 2022, China's energy consumption per 10,000 yuan of GDP will be reduced by 0.1 percent from the previous year, and carbon dioxide emissions per 10,000 yuan of GDP will be reduced by 0.8 percent, with steady progress in energy conservation and emission reduction. Since 2012, China's annual energy consumption growth rate of 3% has supported an annual economic growth rate of 6.6%, and its energy consumption per unit of GDP has decreased by 26.4%, becoming one of the countries in the world with the fastest reduction in energy intensity.