According to the Report on the Achievements of China's Oil and Gas Industry During the 14th Five-Year Plan Period, China is accelerating its transition to a new phase of modern oil and gas industry development, with an increasingly diversified and balanced energy structure. By 2030, China's natural gas production is projected to reach 300 billion cubic meters.

The report indicates that during the 14th Five-Year Plan period, China's cumulative proven geological reserves of oil and natural gas increased by 7 billion tons and 7 trillion cubic meters respectively, representing approximately 43% and 40% growth compared to the 13th Five-Year Plan period. Oil and gas production reached historic highs.

Oil production is projected to reach between 215 million and 216 million tons this year. Natural gas will experience significant growth during the 14th Five-Year Plan period, with annual production increases of approximately 13 billion cubic meters. During the 15th Five-Year Plan period, annual growth is expected to maintain an increment of over 10 billion cubic meters, reaching 300 billion cubic meters around 2030.

The report projects that over the next decade, China's energy structure will exhibit the characteristics of “coal reduction, oil and gas stabilization, and non-fossil energy growth.” By 2060, the shares of fossil energy, hydropower and nuclear power, wind power, and solar power in China's energy mix are projected to be 23%, 19%, 25%, and 30%, respectively.

Over the next five years, the integrated development of fossil and renewable energy will foster a healthy, stable, and highly resilient energy system, with clean energy continuing its rapid growth trajectory. Over 90% of renewable energy will require electricity-based consumption, making the electrification of end-use energy a major transformation direction.

Driven by the rapid advancement of artificial intelligence and new high-energy-consuming industries, the report projects that China's electricity demand will exceed 20 trillion kilowatt-hours by 2060—doubling the 2025 level. The terminal electrification rate is projected to reach 62%, with an average annual increase of 0.9 percentage points.

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