Core Viewpoint - Fossil energy will continue to dominate the global energy system for the next 100 years due to its mature infrastructure and energy density, making it irreplaceable. The key lies in technological innovation rather than simple replacement, with a focus on cleaning up, smart transformation, and extending value in traditional energy [1][4]. Group 1: Irreplaceability of Fossil Energy - Fossil energy (oil, coal, natural gas) will remain the core pillar of the global energy structure, accounting for over 80% of global primary energy consumption. Its mature infrastructure, energy density, and supply stability ensure its long-term dominance [1][2]. - The notion of "decarbonizing fossil energy" is a false proposition, as a radical abandonment of traditional energy could lead to supply chain disruptions and weakened energy security, as evidenced by the European energy crisis [1][2]. Group 2: Five Dimensions of the "Decarbonization Myth" - Energy security is prioritized, with fossil energy being the "ballast" for national energy security, projected to account for 78% of China's energy mix by 2025, while renewable energy cannot yet independently fulfill base-load energy functions [2]. - The argument against simple "energy type replacement" advocates for technological innovation to reshape the fossil energy value chain, including clean transformation (e.g., carbon capture and storage with a 90% conversion rate by ExxonMobil) and digitalization to enhance efficiency [2][3]. - Soft power is driven by "technological innovation + rule restructuring," exemplified by the creation of energy super basins that integrate traditional oil and gas with renewable energy and CCUS technology [2]. - A "three-dimensional collaborative evolution" is necessary, balancing fossil and renewable energy over time, differentiating resource allocation based on endowments, and establishing a triadic evaluation system of safety, economy, and ecology [2]. - The geopolitical value of fossil energy is underscored by the Russia-Ukraine conflict, which demonstrated that sanctions did not diminish Russia's oil market share, instead increasing energy costs for the West [2]. Group 3: Strategic Focus for Oil Companies - Oil companies should avoid blind transformation and focus on core business technological innovation, such as ExxonMobil's investment in CCUS technology and Shell's development of a full LNG value chain [3][5]. - The concept of energy super basins involves integrating traditional oil and gas, renewable energy, CCUS technology, and infrastructure to create a closed loop of resources, technology, and markets [3]. - Future competition among energy companies will center on strategic agility, technological collaboration, and ecological integration, with examples including Chevron's shift to high-return projects and digital optimization of decision-making [3][5].