On July 21, 2026, the National Energy Administration released the "China Oil and Gas Exploration and Development Report 2026". The data is fixed at 216 million tons of crude oil, 262.1 billion cubic meters of natural gas, and 420 million tons of oil and gas equivalent - this is the final answer to the seven-year action plan for China's oil and gas industry. From 2018 to 2025, in seven years, China has raised the bottom line of energy security even further.

From 216 million tons to 420 million tons

The value of this set of data lies in its sustainability. Between 2019 and 2025, there will be 17 new oil fields with a capacity of billions of tons and 34 gas fields with a capacity of billions of cubic meters added nationwide. The average annual increase in proven petroleum geological reserves will be over 1.4 billion tons, and natural gas reserves will be over 1.5 trillion cubic meters, an increase of 55% and 58.7% respectively compared to 2018. In 2025, the proven geological reserves of oil will remain above 1 billion tons for seven consecutive years, and the proven geological reserves of natural gas will remain above 1.2 trillion cubic meters for seven consecutive years.

Shale oil is one of the variables contributing to this round of production increase. By 2025, the national shale oil production will exceed 8.5 million tons, which is more than 10 times the production in 2018. The unconventional natural gas production reached over 110 billion cubic meters, a year-on-year increase of 7.7%. The increase in offshore crude oil production accounts for 70% of the national increase - China contributes 4.4% of global production with less than 1.5% of global reserves.

A new round of strategic actions will be launched in 2026

On the day of the report's release, the National Energy Administration announced simultaneously that it will organize and implement a new round of oil and gas exploration and development strategic actions in 2026, with a stable crude oil production of over 200 million tons and a continuous increase in natural gas production throughout the year. The path for the integrated development of oil and gas and new energy has also been clarified - by 2025, the oil and gas industry will add over 9 million kilowatts of wind and photovoltaic installed capacity, and CCUS projects will inject over 3.8 million tons of carbon dioxide annually. 420 million tons is the end of the seven-year action plan and the starting point of the next cycle.Editor/Cheng Liting