CNPC ETRI Unveils 2024 Report on Oil and Gas Industry Development and 15th Five-Year Outlook

BEIJING, Feb. 26, 2025 /PRNewswire/ -- On January 21, the CNPC Economics & Technology Research Institute (CNPC ETRI), China's premier energy think tank, unveiled the 17th edition of its annual oil and gas industry report, titled 2024 Report on Oil and Gas Industry Development  in Beijing. The release was accompanied by the "Outlook on the Development Environment of the Domestic and International Oil and Gas Industry for the 15^th Five-Year Plan" and the "Energy Data Handbook of CNPC ETRI."

In 2024, the oil and gas industry shows a "stable yet evolving" landscape, driven by a resilient global economy amidst complexity.  It forecasts that in 2025, the industry will navigate a landscape of "seeking stability amid change," as intensified competition among major nations could reshape the global energy sector. China's oil and gas sector remains vital for economic growth, while also pushing towards environmentally responsible practices to achieve sustainability goals.

The report highlights global energy trends, significant trends include a shift towards clean energy, increased electrification, the expansion of emerging technologies, and enhanced energy integration. Looking ahead to 2025, global energy demand is anticipated to grow moderately, with a long-term shift towards green and low-carbon practices.

At the report release conference, industry analysts from CNPC ETRI discussed the development prospects for the oil and gas industry during the 15th Five-Year Plan period. However, the shift towards a multipolar world, coupled with a technological revolution, promises to reshape the energy landscape. China's accelerated deployment of a sustainable and renewable energy ecosystem is expected to significantly stabilize the global energy supply chain and contribute to climate change mitigation efforts.