Slow Evolving Automotive Market may Impact Green Transition
China to Boost Oil and Gas Production from New Sources in 2024
By Shubhendra Anand , 12 December, 2024
China is the leading nation in the energy market. Since the clean energy transition focuses on renewables, China surpasses other nations in renewables production. In a mission to strengthen its energy security, China moves forward with oil and gas production in 2024. The nation announces forming a group with all major oil companies in 2024. Additionally, this group will work towards oil and gas production from new sources in China.
China decided to have one major company under which other state oil and gas majors will be working. The nation's plans for strengthening the oil and gas sector appear decisive to energy sector experts. China is the leading company in the global market to produce renewable energy, such as wind and solar. However, China's plan to stick to renewable production has a new twist. The energy leaders find it surprising with China's move towards oil and gas production in 2024. Some experts claim that China's decision to increase oil and gas production will have positive results in the future. Since the clean energy transition is enhancing daily, countries with larger populations like China should delve into renewable production only. This is because most carbon emissions come from developing countries with growing populations. Recently, a survey in 2024 reported that China produces a higher rate of emissions despite being the leading producer of renewables.
Another survey suggests that China's main motto behind this new venture differs. The hub of companies from the oil industry will team up to explore the oilfields. Additionally, it anticipates covering all the domestic oilfields in China. This exploration of the country's oilfields in 2024 will ultimately increase the oil and gas production rate. Hence, it will be a security measure in China's energy sector. China is known to be a leader in innovations in the energy market. The nation became the leader of the automotive industry, with a large number of electric vehicles produced to reduce carbon emissions. China is preparing for oil and gas production from unconventional sources, but clean energy will be the country's priority. Manufacturing of oil and gas from unconventional sources remains challenging for China. Moreover, experts reveal that energy security remains a priority for China even when not in need.
China National Offshore Oil Corporation (CNOOC) data for domestic oil production targets in 2023
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