April 25th
A national high-end think tank
China National Petroleum Corporation Economic and Technical Research Institute
The "Oil and Gas Industry Development Report" was held in Hong Kong for the first time
(referred to as the "Industry Report") press conference
Sharing and discussing the oil and gas industry in 2023
Adjust the development trend of remodeling
The "Industry Report" revealed
China's economy continues to pick up
Supporting the growth of oil and gas demand
At the same time, the pace of energy transition is accelerating
Investment in clean energy is growing rapidly
The peak of China's refined oil consumption
It may be proposed before 2025
The global energy industry has entered a stage of deep adjustment and reshaping
According to the analysis of the industry report, the level of global energy security has improved in 2023, with global energy prices generally falling, with oil prices falling by nearly 20% and natural gas and coal prices falling by more than 50%. The demand for oil and gas market has become more concentrated, and the price volatility has fallen from high levels. It is estimated that the global oil demand in 2024 will be 102.7 million barrels per day, the average annual price of Brent crude oil will be 75~80 US dollars / barrel, and the global natural gas demand will be 4.02 trillion cubic meters.
China's energy security capabilities continue to improve
According to the industry report, in 2023, China's total domestic energy supply will be about 4.894 billion tons of standard coal, and the energy self-sufficiency rate will rise to 85.6%. The significant increase in oil and gas consumption reflects the continued improvement of China's economic development, which in turn generates demand. In 2024, mainland oil demand will rise steadily, and is expected to reach 764 million tons. Relying on its clean, low-carbon, flexible and efficient advantages, natural gas will become an important energy source to support the comprehensive green transformation of China's economic and social development.
The energy transition brings more investment opportunities
According to the analysis of the industry report, green and low-carbon is leading the transformation of the energy industry, and the energy transition is characterized by clean fossil energy, large-scale clean energy, integrated energy system, and re-electrification of terminal energy, which will bring huge investment and cooperation opportunities. In the future, China's oil consumption will change from fuel-based to raw material-based, new petrochemical materials will be the key areas of future investment for energy companies, and the market for new materials such as ultra-high molecular weight polyethylene and carbon fiber will usher in a period of development opportunities.
Hosted by the Academy of Economics and Technology and co-organized by PetroChina Asia Pacific (Hong Kong) Company and PetroChina Hong Kong Representative Office, the conference attracted great attention from consulting firms, banks and investment companies, with about 150 people from HSBC, Bank of America, Hillhouse Capital, Goldman Sachs (Asia) L.L.C., KPMG China and Hong Kong media.
Reporter: Wang Xinxin, Lin Lun
Editor: Luan Yi
Editor-in-charge: He Li
Review: Li Xiangyang