Workers perform their tasks at an oil platform in Daqing Oilfield in Daqing, northeast China's Heilongjiang Province, Nov. 25, 2024.
Wedoany.com Report-Jan 24, China aims for stable crude oil production above 200 million tons in 2025, the National Energy Administration (NEA) said on Thursday.
In 2024, China's total oil and gas output exceeded 400 million tons of oil equivalent for the first time, playing a "ballast" role in ensuring the stable production, supply, and prices of oil and gas in the country, the NEA said. Crude oil production reached 213 million tons, a near record, while natural gas production was 246.4 billion cubic meters (bcm), marking an increase of more than 10 bcm for the eighth consecutive year.
In 2024, new energy storage technologies continued to develop rapidly. As of the end of 2024, the total installed capacity of new-energy storage projects in the country reached 73.76 million kilowatts (or 168 million kilowatt-hours), up more than 130 percent compared with the end of 2023.
According to statistics from grid companies, the equivalent utilization hours for new energy storage in 2024 stood at about 1,000 hours. This advancement has significantly contributed to the development and integration of renewable energy, peak load support, and the safe and stable operation of the power system, effectively supporting the construction of a new power system, the NEA said.
Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, told the Global Times on Thursday that China's crude oil production has stabilized at about 200 million tons in recent years, largely due to intensified exploration efforts. This stability is crucial for ensuring the country's energy security.
From a macro perspective on energy development, he emphasized the vital and irreplaceable role of new energy storage systems in the emerging energy landscape.
"The primary advantage of new-energy storage lies in its ability to store electricity when the renewable energy supply is abundant and release it during shortages. This capability significantly enhances the reliability of the renewable energy supply," Lin said.
By innovating technologies to reduce costs, new-energy storage has the potential to be applied across a broader range of sectors, providing stronger support for the renewable energy industry, Lin added.
China's energy transition toward green and low-carbon solutions continues to lead globally, with oil consumption expected to peak in 2025, according to a recent report by CCTV.
A report released by China National Petroleum Corp pointed out that in 2024, China's energy sector steadily advanced toward a green and low-carbon transition, with renewable energy becoming the mainstay of power generation capacity. The consumption of refined oil has entered a declining phase. In 2025, it is expected that China's oil consumption will peak.
The report indicates that in 2024, China's green and low-carbon energy transition maintained its global leadership, with investments in non-fossil energy accounting for one-third of global investments. The proportion of oil in the primary energy consumption structure decreased.
Looking ahead to 2025, it is expected that new geological reserves of oil and natural gas will remain high, with about 1 billion tons of new oil reserves and about 1 trillion cubic meters of new natural gas reserves, according to the report.
