CNPC Chairman: Continuing to innovate and safeguard nation's energy security

As a key state-owned enterprise in China's petroleum industry and the nation's largest oil and gas provider, China National Petroleum Corporation is committed to advancing innovation and strengthening its role in safeguarding energy security in a more sustainable way, said Wang Yilin, chairman of CNPC and member of the CPPCC National Committee.

"Energy plays a vital role in the economy and energy security is the basis of national security," said Wang.

In 2018, China's dependence on external crude oil reached nearly 70 percent. China now depends on imports for 45.3 percent of its natural gas, surpassing Japan to become the largest importer of that commodity in the world.

"The petroleum industry is very important in China's economic and social development and we should shoulder the responsibility to do it well." 

The first step is making practical plans for oil exploration and development with specific short-term and long-term goals to improve oil production. The second step is speeding up the pace of technological breakthroughs and innovations. The third step is deepening cooperation with foreign countries and learning from their state-of-the-art technologies and management through various exploration projects. The last is focusing on improving efficiency.

High investment, high risk and high return are three main features of oil and gas exploration, and investment is the prerequisite for return.

Wang said that this year CNPC's amount for investment is expected to grow 25 percent, with venture exploration investment recording a fourfold increase from 1 billion yuan ($149 million) to 5 billion yuan.

Natural gas security has become a key issue for China in recent years. CNPC production, which increased some 7.5 percent last year, accounts for some 70 percent of the amount produced in the entire nation.

"To enhance the natural gas guarantee, we should not only improve production in a sustainable way, but also import more resources by building a complete system from the supply side, production to marketing," Wang said.

"CNPC will also continue to insist on reform and innovation, strengthen the internal transfer of mineral rights and promote cooperation between upstream and downstream."

Despite ongoing oil and gas exploration in China, CNPC has actively answered the nation's call to construct an ecological civilization and build a more beautiful China.

"We have taken environmental protection as a priority in the process of exploration, made good use of various resources and minimized the disturbance to the natural environment," said Wang.  

In recent years, CNPC has carried out a low-carbon development mode in areas such as the supply side, management and new kinetic energy development to reduce emissions of greenhouse gases such as carbon dioxide. 

"It is our responsibility to further explore and develop oil and gas. We will unswervingly promote the implementation of national resource strategies and safeguard China's energy security," Wang added.