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China has unveiled a comprehensive five-year plan to address its oil demand and bolster energy security amid geopolitical risks. The National Development and Reform Commission and the National Energy Administration announced plans to increase natural gas storage capacity to 13% of national consumption by 2030. This expansion includes raising liquefied natural gas (LNG) terminal handling capacity to 200 million tonnes annually and increasing overland pipeline imports to 114 billion cubic meters of natural gas per year by 2030.

The plan targets a domestic supply of 440 million tonnes of oil equivalent by 2030, with the construction of 20,000 km of new long-distance oil and natural gas pipelines, bringing the national network to 220,000 km. Beijing aims to reach peak oil consumption as part of its strategy to curb emissions through green fuels, improved energy efficiency, and electrification.

Energy security remains a strategic priority for China, with the government focusing on reducing dependence on external shocks by boosting domestic production, diversifying imports, and expanding oil and gas reserves. The plan also emphasizes the development of intelligent drilling rigs capable of reaching depths of 15,000 meters, supporting exploration at depths beyond 10,000 meters.

In addition to pipeline expansion, China plans to store 10 million tonnes of carbon dioxide annually using carbon capture, utilization, and storage (CCUS) technologies. The government aims to build a national oil reserve system, combining government stockpiles, corporate reserves, and commercial inventories to better withstand supply disruptions. The plan also calls for increased exploration in major oil and gas basins, focusing on deep and ultra-deep reserves in the Tarim Basin and Sichuan Basin.