Abstract:

“Dual Carbon Target” is a basic policy for China's energy development. How to advance petroleum geology and promote energy diversification under such a policy directive is a key issue facing Chinese researchers in the field of petroleum science and technology development. This paper analyzes and studies China's historical carbon dioxide emissions, fossil fuel consumption, oil and gas reserves, and oil and gas production from 2000 to 2020, and believes that under the “carbon peaking” and “carbon neutrality” trends of dealing with global climate change, oil and gas will continue to play an important role in the energy sector in the 21st century. The petroleum industry of China should base on innovations both in theory and practice, succeed at its two breakthroughs—super-deep conventional oil and gas up to 10000 m well-drilling depth, and nano scale super-dense reservoir of unconventional shale oil and gas, and achieve unsurpassed productivity as well as low-carbon green transformation development. Oilfield water injection is the core technology for enhancing oil recovery in China. In the future, carbon dioxide injection should be vigorously promoted to achieve the dual goal of oil increase and emission reduction; while innovation in carbon dioxide capture and storage should be pursued to develop the carbon emission reduction sector of the petroleum industry. The 21st century is an era of diversified energy development. The development and utilization of the three kinds of renewable energy—hydropower, wind power, and solar energy—is a basic guarantee to achieve the “Dual Carbon Target”, and geothermal energy, biomass energy, and ocean energy are also important driving forces. In the 22nd century, renewable energy and new energy will provide energy security to mankind. Hydrogen energy will be the most promising new energy in the future.

Key words: oil and gas source consumption, proved reserves, recoverable reserves, oil displacement and emission reduction, renewable energy, new energy, hydrogen energy