A new milestone is on the horizon for China's energy sector, as the "China Ocean Energy Development Report 2024"unveiled on December 6th in Beijing predicts a record-breaking year for marine oil and gas output.
From XINHUA
A new milestone is on the horizon for China's energy sector, as the "China Ocean Energy Development Report 2024"unveiled on December 6th in Beijing predicts a record-breaking year for marine oil and gas output. The report, prepared by the Energy Economics Research Institute of China National Offshore Oil Corporation (CNOOC)and presented at the 2024 Ocean Energy Development Forum, Indicates that the share of new marine crude oil production in the national total is set to remain above 60%.This contribution has been consistent for several years, underscoring the critical role of ocean energy in safeguarding the nation's energy security.
"China, with its extensive maritime territory, is poised to harness the full potential of its seas," stated Wang Zhen, Dean of CNOOC's Energy Economics Research Institute."To strengthen our maritime presence and pursue our deep-blue ambitions, it is imperative that we optimize the allocation of marine resources, drive energy transition, and expedite the development of new marine productive forces."
The report also shines a light on the advancement of offshore renewable energy, forecasting that China's offshore wind power will see an additional 8 million kilowatts of grid-connected installed capacity in 2024, bringing the cumulative total to over 45 million kilowatts, which is expected to account for more than half of the global capacity. The significance of marine energy in bolstering China's carbon peak and carbon neutrality goals cannot be overstated."Under the 'dual carbon' initiative, China aims for non-fossil energy to constitute 25%of primary energy consumption by 2030,"explained Shi Dan, a member of the Chinese Academy of Social Sciences."This target necessitates an accelerated pace of energy transition from 2020 to 2030,ensuring that non-fossil energy sources, including wind, solar, nuclear, and biomass, reach a 25%share in primary energy consumption."