2022 Domestic and Foreign Oil and Gas Industry Development Report - Energy Landscape Will Accelerate Restructuring Oil and gas demand is expected to return to pre-pandemic levels

On March 27, the "2022 Domestic and Foreign Oil and Gas Industry Development Report" of the China National Petroleum Corporation Economic and Technological Research Institute, a national high-end think tank, was released in Beijing. The report pointed out that 2022 is a year of profound adjustment of the global oil and gas supply, demand and trade pattern. International oil and gas prices fluctuate sharply, and the world seeks a balanced development between energy security and low-carbon transformation.The report points out that the global energy industry will show four significant characteristics in 2022: global energy consumption will reach a new high, global energy trade and supply and demand pattern will undergo profound changes, the international energy price system will be turbulent, and maintaining energy supply security has become the primary goal of energy policy in consuming countries.

In the face of severe and complex changes in the international energy situation, China's oil and gas industry has a stable supply to ensure energy security and strongly support economic growth. Crude oil production has increased to 200 million tons for the first time in six years, domestic natural gas production and imported pipeline gas have grown rapidly, and domestic natural gas production has increased by more than 10 billion cubic meters for six consecutive years. The growth of domestic refining capacity slowed down, the production capacity structure continued to be optimized and adjusted, and the ethylene production capacity grew rapidly for four consecutive years, with a total production capacity of 49.53 million tons/year, rising to the first place in the world. The development of the new energy industry has achieved a large-scale leap. Non-fossil energy consumption accounted for about 17.4%, and the development of emerging industries in the energy transition was full of bright spots, with a total of more than 70 renewable energy hydrogen production demonstration projects, and CCUS-EOR technologies and standards reaching the international leading level.

According to the report, global oil demand will reach 101.6 million barrels per day in 2023, reaching pre-pandemic levels again after four years. Global natural gas demand was 4.03 trillion cubic meters, with a growth rate of 0.7%. Global oil and gas investment and production will both maintain the growth momentum, the United States oil and gas production will continue to grow significantly, and Russian oil and gas production will continue to decline. As the great power game will continue in 2023, the downward pressure on the global economy will increase, the global energy pattern will continue to be deeply adjusted, the energy industry chain will be reconstructed at an accelerated pace, and oil prices will fluctuate sharply or normalize. Especially in the field of new energy, the United States and Europe and other countries will increase the layout of the whole industrial chain in the fields of critical minerals, wind power, photovoltaics, hydrogen energy, energy storage, etc., and the competition in the global energy field will be further intensified.

With the in-depth development of a new round of scientific and technological revolution and industrial transformation, digital transformation and intelligent development have become important core strategic goals of the energy industry, and oil companies are also actively exploring the application of intelligent robots in the oil and gas industry. At present, robot technology has been widely used in many fields such as exploration and development, engineering technology, oil and gas storage and transportation, refining and chemical sales, and marine/deepwater.

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