What Does the New Silk Road Mean For Oil and Gas? [GGP]
China is in the midst of an historic push to tie together at least 65 countries on three continents through new trade and infrastructure projects. Known as the Belt and Road Initiative, the plan encompasses more than 60% of the world’s population and nearly three quarters of its energy reserves.
The scope of this ambitious effort, a 21st century version of the famous 7th century silk road that connected China to Europe, was chosen as the overarching theme of the 2019 International Petroleum, Technology Conference (IPTC) being hosted in Beijing this week. The gathering has attracted more than 2,400 professionals from 50 upstream companies to share new technical discoveries and address some of the industry’s most pressing issues.
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Exactly what the Belt and Road Initiative means for the future of energy supply remains somewhat undefined, but executives from China National Petroleum Corporation (CNPC) and Saudi Aramco—the conference’s two major sponsors and hosts—shed light on how they expect the arrangement to unfold in the years to come during IPTC's opening sesssion.
Amid the backdrop of the initiative, Wang Yilin, the chairman of CNPC and IPTC's honory chairman, said the next decade will prove to be “a very critical period for the energy transformation in China.”
There are two sides to the coming change as he sees it. The first is a call for hydrocarbon producers to take part in the development of low-carbon alternatives to oil and gas, while the other will demand that these producers continue to increase supplies of fossil fuels to meet the world’s rising demand. Managing this balance will steer the future of CNPC.
READ the Full Article, What Does the New Silk Road Mean For Oil and Gas? from the Journal of Petroleum Technology
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