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National Energy Administration: Oil and Gas Companies Must Increase Oil and Gas Production and Supply Capacity, Fully Promote Reserve and Output Growth
2026-10-26 10:09:36 China's National Energy Administration announced that it held a meeting last Wednesday (21st) to advance medium- and long-term efforts to increase oil and gas reserves and production, implement the new energy security strategy, and deploy key tasks under the oil and gas exploration and development "10-year action plan". The meeting emphasized that, amid the complex and severe international situation, all oil and gas companies must shoulder the core responsibility of safeguarding national energy security. Over a relatively long period in the future, they must make every effort to increase oil and gas production and supply capacity, fully promote reserve and output growth, firmly keep the energy supply in their own hands, and make new and greater contributions to building China into an energy powerhouse. The meeting called for deep implementation of the oil and gas exploration and development "10-year action plan", focusing on key oil and gas basins and accelerating the establishment of several national-level strategic oil and gas security bases. Oil and gas companies should continue to increase investment and workload input, strengthen technological research, enhance coordination between enterprises and local governments, deepen corporate reform, and promote reserve and output growth in key areas including "two deeps, one unconventional and one old" (deep sea, deep earth, unconventional resources and mature oilfields), in order to achieve stable-to-rising crude oil output and rapid growth in natural gas production. At the meeting, the Oil and Gas Department of the National Energy Administration introduced the main targets, key tasks and work requirements for oil and gas exploration and development over the next decade. PETROCHINA, SINOPEC CORP, CNOOC and Yanchang Petroleum introduced their next-stage work plans for increasing oil and gas reserves and production. China Oil & Gas Pipeline Network Corporation outlined plans for supporting pipeline network construction. (jl/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |