CCTV News: The "2024 Domestic and Foreign Oil and Gas Industry Development Report" was released in Beijing a few days ago. The report shows that my country's refining capacity will continue to grow slightly in 2024, and the refining industry will accelerate its transformation and upgrading, and will reach its peak during the 15th Five-Year Plan period.

my country's refining capacity will peak during the 15th Five-Year Plan period

In 2024, the domestic refining capacity has reached 955 million tons/year, an increase of 19.3 million tons/year over the previous year. The production of refined oil has declined, and the production of chemical oil will continue to maintain rapid growth. According to the projects under construction, renovation and expansion and proposed construction, it is expected that my country's refining capacity will peak around 2028, with a peak of 980 million tons/year. Some of the backward production capacity will continue to withdraw, and it is expected that by 2030, the domestic refining capacity will drop to around 960 million tons/year.

Lu Ruquan, Director of the Economic and Technical Research Institute of China Petroleum Group: In the next step, we need to integrate or improve quality and efficiency, such as transforming some small refineries into processed biomass fuels, such as the development of imparting hydrogen energy. In short, high-end chemical industry should develop more, so that the refining and chemical business will develop more high-qualityly, and will bear fruit again in new materials and new tracks in the future.

During the 15th Five-Year Plan period, the refining and chemical industry will accelerate mergers and integration

The report predicts that the refining and chemical industry will accelerate mergers and integration during the 15th Five-Year Plan period, and respond to external risks with the scale advantages of clustering, integration and parkization. In 2030, the average scale of refineries nationwide will reach 5.35 million tons/year, an increase of 530,000 tons/year from the level in 2024; the proportion of domestic refineries of tens of millions of tons will reach 60.7%, an increase of 4.7 percentage points from 2024; petrochemical bases such as Changxing Island in Dalian, Lianyungang in Jiangsu, Ningbo in Zhejiang, Gulei in Fujian, and Daya Bay in Huizhou, Guangdong were basically completed.

Increase oil and gas development and maintain the natural gas self-sufficiency rate by more than 50%.

In 2024, my country's new oil and gas reserves maintained a steady growth trend. A relevant person in charge of the National Energy Administration said at the press conference of the "2024 Domestic and Foreign Oil and Gas Industry Development Report" that in the next step, my country will continue to increase its efforts in oil and gas resource development, maintain investment intensity, and continuously consolidate the oil and gas supply capacity, and maintain the natural gas self-sufficiency rate above 50%.

In 2024, the domestic proven geological reserves of about 1.5 billion tons of oil were added and the new proven geological reserves of nearly 1.6 trillion cubic meters of natural gas were added, mainly from the Bohai Bay, Tarim, Sichuan, Ordos and other basins. In the future, deep-ground, deep-sea and unconventional oil and gas resources will remain key areas of exploration.

Han Yuzhu, Deputy Director of the Oil and Natural Gas Department of the National Energy Administration: We must improve our independent guarantee capabilities, increase the development of oil and gas resources, especially unconventional oil and gas resources, maintain investment intensity, improve support policies, and ensure that my country's crude oil production is stable at the 200 million tons in the long term, and the natural gas self-sufficiency rate remains above 50%.

In 2025, it is expected that the new geological reserves of oil and natural gas in the country will continue to remain high, with new oil geological reserves of about 1 billion tons and new natural gas geological reserves of about 1 trillion cubic meters. Oil production continued to maintain a level of 200 million tons, and new natural gas production continued to maintain a level of more than 10 billion cubic meters.