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On July 21st, the National Energy Administration released the "China Natural Gas Development Report (2023)" (referred to as the "Report"). The Report shows that in 2022, China's natural gas exploration and development will make major breakthroughs in the fields of onshore ultra deep, deep water, Shale gas, and coal-bed methane, and the country's natural gas production will increase by more than 10 billion cubic meters for six consecutive years.

The report points out that in 2022, in the face of an exceptionally complex international situation, the Chinese natural gas industry will take the initiative to respond, vigorously enhance exploration and development efforts, adhere to the efforts of both supply and demand, ensure supply and stable prices, steadily increase pipeline gas imports, continue to promote infrastructure construction, and initially form a "national network". The gas storage capacity will double, making a positive contribution to stabilizing the global natural gas industry chain supply. It is worth noting that in 2022, China's oil and gas self-sufficiency guarantee rate increased by about 2 percentage points year-on-year, with the natural gas self-sufficiency guarantee rate increasing from 55.7% to nearly 60%, further consolidating the resource foundation for energy supply security. Next, China will continue to increase exploration and development, as well as increase reserves and production, to ensure that the self-sufficiency guarantee rate of natural gas is not less than 50% in the long term; Strengthen the construction of natural gas infrastructure and improve the "national network"; Deepen the reform of oil and gas production and improve the natural gas market system; Promote carbon reduction and efficiency improvement in the natural gas industry, and support the transformation and development of oil and gas enterprises from traditional oil and gas supply to comprehensive Energy development; Strengthen the coordinated development of natural gas and various energy sources, and build a multi energy complementary pattern; Continuously deepen international exchanges and cooperation, and build a natural gas supply security system under open conditions.