[CMG Policy Radar] 15th Five‑Year Plan for Oil‑and‑Gas Development

Jointly issued by NDRC and NEA, the plan lays out quantified targets for domestic oil‑gas output, long‑distance pipeline build‑out, national strategic reserves, CCS/CCUS scale‑up, and oil‑gas market‑oriented reform. It also covers upstream exploration & production, the building of a “unified national pipeline network”, storage infrastructure, diversified import pathways, and breakthroughs in critical oil‑gas technical/refining equipment.

The plan attempts to repurpose China’s existing oil‑gas pipeline and subsurface assets as foundational infrastructure for hydrogen, carbon capture and underground energy storage, creating the infrastructure for the country’s new‑energy system. It also intends to open parts of the state‑controlled pipeline networks to third‑party market participants.

Medium‑High. Presents commercial opportunities in LNG receiving terminals, carbon capture projects, hydrogen pipeline pilots and specialised equipment supply. That being said, domestic output and state‑led strategic infrastructure take priority; market access remains constrained, and FIEs will face higher local‑content expectations for hardware.