On September 8, 2026, in Beijing, Dai Houliang, Chairman of China National Petroleum Corporation, met with Wu Lei, Chairman of Shanghai Electric Group, and his delegation. This is the second time that two energy and equipment giants are sitting together after their high-level meeting in November 2024. From domestic production of energy equipment to green and low-carbon transformation, from scientific research and development to international business, from new energy layout to artificial intelligence application, the two sides have conducted in-depth communication on industrial upgrading during the 15th Five Year Plan period. As the transformation of the oil and gas industry enters a critical stage, the two-way connection between upstream resource scenarios and high-end equipment manufacturing capabilities is accelerating.

Anchoring two major tasks in the 15th Five Year Plan

On August 17, 2026, the National Development and Reform Commission and the National Energy Administration issued the "15th Five Year Plan for the Development of Petroleum and Natural Gas", which identified two core tasks for the industry in the next five years: ensuring energy security and promoting green and low-carbon development. The plan proposes that by 2030, the domestic oil and gas supply will reach 440 million tons of oil equivalent, 20000 kilometers of new long-distance oil and gas pipelines will be added, the total scale of the national pipeline network will reach 220000 kilometers, and the CCUS annual injection of carbon dioxide will reach 10 million tons. At the level of technological innovation, we focus on high-end equipment, digital transformation, and standard system construction. We aim to overcome core technologies in the two deep, one non, and one old fields, and tackle key technologies such as pipeline intelligent detection, digital twin, high-pressure pure hydrogen transportation, CCUS, etc.

Photovoltaic surpassing coal-fired power releases transformation signal

According to data from the National Energy Administration, as of the end of July 2026, China's installed capacity of photovoltaics reached 1.286 billion kilowatts, surpassing coal-fired power by 1.285 billion kilowatts and becoming the largest installed power source in China. The pattern of coal-fired power plants being the top installed capacity for many years has changed, and new energy has gradually become the main installed capacity from supplementary power sources. However, leading the installed capacity of photovoltaics does not mean that the power generation exceeds that of coal-fired power. In the short term, coal-fired power still bears the responsibility of providing a backup. The scale of green electricity continues to grow, providing low-cost clean electricity for the electrification of oil and gas field terminals, CCUS projects, and green hydrogen production. The transformation scene of the oil and gas industry is gradually moving towards the field. Keywords: reports on state-owned enterprises, oil and gas, clean energy

Collaborative solution of industrial chain transformation challenges

During the 15th Five Year Plan period, the oil and gas industry faces dual challenges: the external geopolitical environment is complex, and the development of unconventional oil and gas in deep and deep waters cannot be separated from high-end equipment. The independent and controllable core equipment is a hard condition for safeguarding the bottom line of energy security; The energy transition continues to advance, and oil and gas companies need to transform into comprehensive energy service providers. PetroChina has oil and gas resources, mining areas, pipeline infrastructure, and industrial application scenarios, while Shanghai Electric has equipment manufacturing, technology research and development, and resource integration capabilities. Both parties will expand cooperation in areas such as terminal electrification, high-end equipment research and development, international business collaboration, artificial intelligence and digital transformation, accelerate the transfer of scientific research results from the laboratory to the field, shorten the domestic equipment verification cycle, and jointly enhance the resilience and operational efficiency of the oil and gas industry supply chain.Editor/Gao Xue