中国石油新疆油田公司执行董事 石道涵：我们通过持续的科学论证和流程优化，深地封存能力显著增强，多区块产量稳步提升，形成了"封碳"与"增油"并 举的协同效应。截止到今天，年注碳量突破100万吨，标志着新疆油田CCUS（二氧化碳捕集、利用与封存）由矿场试验走向规模推广。 准噶尔盆地是国家重要的能源基地，油气、煤炭资源丰富，油气资源量199亿吨。经评价，新疆油田适宜二氧化碳驱的已开发油藏地质储量达十亿吨级。同 时，油区周边经济带重工业集聚，产业结构以煤电、煤化工、钢铁、冶金等高能耗高排放产业为主，产业协同性强，具备大力发展二氧化碳捕集封存与利用 产业集群的有利条件。 位于新疆准噶尔盆地的新疆油田二氧化碳捕集封存与利用项目，是通过捕集、提纯工业生产过程中排放的二氧化碳，将其注入油藏实现再利用与封存。2019 年，新疆油田启动二氧化碳混相驱先导试验，建设了国内首个砾岩油藏二氧化碳捕集封存与利用示范项目。随后在准噶尔盆地西北缘、中部、东部等多类油 藏开展试验，累计注碳量与增油成效均显著提升，目前整体日注碳量已提升至4800吨以上。 昨天（28日），西北地区最大二氧化碳捕集封存与利用项目——新疆油田二氧化碳捕集封存与利用项 ...

向深而进打造增储稳产"硬支撑" 2025年9月22日，牛庄油田，牛斜104井鸣笛开钻，向着5750米的地球深部进军，探索深层油气资源的潜 力。 胜利济阳页岩油新兴油田成为我国率先通过国家有关部门评审备案的亿吨级页岩油田，标志着我国陆相 断陷盆地页岩油领域勘探开发的重大突破；国内油气领域率先建成"源网荷储"一体化智慧能源系统，累 计建成光伏装机572兆瓦，年发绿电能力达到7.4亿千瓦时，实施新能源项目184个，油气生产绿电使用 占比达25%；率先高质量建成国内百万吨级CCUS（二氧化碳捕集、利用与封存）示范工程，全链条技 术装备体系达到领先水平，年减排二氧化碳百万吨。 时间不语，却标注着奋斗的足迹。 中国石化胜利油田始终牢记"端牢能源饭碗"核心职责，巩固提升油气产业、培育壮大新能源产业、前瞻 布局绿色低碳产业、不断拓宽传统能源发展路径、加速上扬"第二增长曲线"。"十四五"以来，累计生产 原油11554.56万吨、天然气40.15亿立方米，为保障国家能源安全贡献胜利力量。 端牢能源饭碗，必须回答资源在哪里？历经60年勘探，2021年，胜利油田发现60周年之际，陷入资源之 困：主阵地东部探区进入高勘探阶段，资源探明 ...

证券研究报告 | 行业研究简报 gszqdatemark 2025 12 22 年 月 日 煤炭开采 澳大利亚煤电需扩能两倍以支撑 2050 年电力需求增长 本周全球能源价格回顾。截至 2025 年 12 月 19 日，原油价格方面，布伦 特原油期货结算价为 60.47 美元/桶，较上周下降 0.65 美元/桶（-1.06%）； WTI 原油期货结算价为 56.52 美元/桶，较上周下降 0.92 美元/桶（-1.6%）。 天然气价格方面，东北亚 LNG 现货到岸价为 10.255 美元/百万英热，较上 周下降 0.389 美元/百万英热（-3.65%）；荷兰 TTF 天然气期货结算价 28.205 欧元/兆瓦时，较上周上涨 0.705 欧元/兆瓦时（+2.56%）；美国 HH 天然气期货结算价为 4.026 美元/百万英热，较上周下降 0.075 美元/ 百万英热（-1.83%）。煤炭价格方面，欧洲 ARA 港口煤炭（6000K）到岸 价 96.21 美元/吨，较上周上涨 0.64 美元/吨（+0.67%）；纽卡斯尔港口 煤炭（6000K）FOB 价 105 美元/吨，较上周下降 2.75 美元/吨（-2. ...

中国石油华北油田公司日前发布消息称，中国石油在蒙西最大规模整装油田——巴彦油田原油总产量已 累计突破500万吨，标志着我国在深层陆相碎屑岩油藏勘探开发领域实现新跨越。 （文章来源：新华财经） 中国石油华北油田提供的数据显示，自2018年获得首口高产工业油流井以来，油田开发不断提速，实现 第一个100万吨原油产量用时49个月，后续四个100万吨突破时间依次缩短至13个月、10个月、9个月和8 个月，呈现跨越式增长态势。 巴彦油田油藏平均埋深超5000米，"一深带万难"成为油气新发现的"拦路虎"。中国石油华北油田聚焦关 键核心技术攻关，创新晚期快沉降盆地石油成藏理论，成功落实两个亿吨级整装优质储量，建成中国石 油在内蒙古西部的最大整装油田。开发过程中，油田秉持"整装油田一次开发直接采用注气重力驱"理 念，积极探索超深层高压混相驱与CCUS（二氧化碳捕集、利用与封存）先导试验，并建成早期减氧空 气驱砂砾岩油田，以技术新突破引领深层油气资源高效开发，彰显了能源领域新质生产力的蓬勃动能。 ...

人民财讯12月19日电，12月18日，中国国家能源局副局长万劲松在京会见埃克森美孚全球高级副总裁魏 捷凯，双方就天然气在能源绿色低碳转型中的角色、CCUS(二氧化碳捕集、利用与封存)、低碳氢能、 产品碳计量等议题交换意见。 魏捷凯介绍了埃克森美孚在全球特别是在中国的业务进展，表示愿继续加大对华投入，持续深化各领域 务实合作。 万劲松表示，埃克森美孚作为全球知名的大型跨国能源公司，是中国油气企业的老朋友，双方在多年紧 密合作中取得了互利共赢的良好成效。中国欢迎包括埃克森美孚在内的各国企业共享中国能源发展的新 一轮机遇，共创合作新成果。 ...

Core Viewpoint - The meeting between China's National Energy Administration and ExxonMobil highlights the importance of natural gas in the green and low-carbon energy transition, as well as the potential for collaboration in areas such as CCUS, low-carbon hydrogen, and product carbon measurement [1][3][4]. Group 1 - The Vice Administrator of the National Energy Administration, Wan Jinsong, emphasized the long-standing partnership between Chinese oil and gas companies and ExxonMobil, noting the mutual benefits achieved through years of close cooperation [3]. - Wan expressed China's openness to global companies, including ExxonMobil, to share in the new opportunities presented by China's energy development [3]. - ExxonMobil's Senior Vice President, Wei Jie Kai, discussed the company's business progress globally and in China, indicating a willingness to increase investment and deepen practical cooperation across various fields [4].

Group 1 - The company has paused its million-ton CCUS (Carbon Capture, Utilization, and Storage) project due to significant changes in the CCUS industry, which have rendered the project economically unfeasible [1] - Currently, the company's CCUS business primarily focuses on the application of carbon dioxide in oil fields, and it plans to resume the project once carbon capture becomes viable [1]

Investment Rating - The report initiates coverage with a "Buy" rating for Datang Environment [4]. Core Views - Datang Environment has established itself as a leader in the environmental governance sector, backed by the Datang Group, with a focus on sustainable operations and high dividend capabilities [2][4]. - The company is positioned to benefit from the growing demand for desulfurization and denitrification services, as well as advancements in carbon capture technology [4][41]. Summary by Sections 1. Company Overview - Datang Environment has been deeply involved in environmental governance for over 20 years, with core businesses including environmental facility operation, denitrification catalyst manufacturing, resource recycling, and new energy services. As of mid-2025, the company has a cumulative installed capacity of 47.61 GW for desulfurization and 40.60 GW for denitrification [2][13]. - The company has transitioned to an operational model since 2022, enhancing profitability and cash flow while reducing capital expenditures, which supports a sustainable high dividend capability [2][4]. 2. Industry Dynamics - The thermal power industry is balancing the dual goals of ensuring power supply security and promoting low-carbon transformation. The installed capacity of thermal power is expected to continue growing steadily [3][41]. - The desulfurization and denitrification sectors are experiencing supply and demand growth, driven by stringent environmental policies and the need for upgrades in existing facilities [41][49]. 3. Carbon Capture Utilization and Storage (CCUS) - CCUS technology is essential for achieving carbon neutrality in China, with over 120 CCUS demonstration projects planned or operational by the end of 2024, capable of capturing 6 million tons of CO2 annually [4][41]. - Datang Environment is leading the development of a 20 MWth chemical looping combustion power generation system, which has been recognized as a significant technological advancement in the energy sector [4][41]. 4. Financial Forecast and Investment Recommendations - Revenue projections for Datang Environment are estimated at 5.71 billion CNY, 5.77 billion CNY, and 5.87 billion CNY for 2025, 2026, and 2027, respectively, with corresponding net profits of 569 million CNY, 634 million CNY, and 667 million CNY [4][6]. - The report assigns a target price of 1.48 HKD per share, based on a 7x PE valuation for 2025, leading to a market capitalization estimate of 4.4 billion HKD [4][6].

Core Viewpoint - The establishment of the "Yangtze River Delta Offshore CCUS Industry Alliance" aims to promote carbon capture, utilization, and storage (CCUS) technology as a strategic approach to achieving carbon peak and carbon neutrality goals while ensuring national energy security [1] Group 1: Alliance Formation - The alliance is initiated by CNOOC (China National Offshore Oil Corporation) in collaboration with over 30 entities, including China Baowu Steel Group, COSCO Shipping, Zhejiang Energy Group, and several universities [1] - The alliance will create a collaborative innovation system guided by the government, led by enterprises, and supported by academic institutions [1] Group 2: Focus Areas - Key activities will include information sharing, technology exchange, talent cultivation, policy research, standard formulation, project demonstration, and industry development [1] - The alliance will focus on critical core technologies and promote the construction of demonstration projects for commercial and large-scale applications [1] Group 3: Regional Impact - The establishment of the alliance is seen as a catalyst for Shanghai to implement the national "dual carbon" strategy, enhancing technological innovation and industrial collaboration [1] - The initiative aims to inject new momentum into the green and low-carbon development of the Yangtze River Delta region [1]

Core Viewpoint - The article highlights the significant advancements and achievements of Shengli Oilfield in resource exploration, technology innovation, and green energy integration, emphasizing its role in ensuring energy security and sustainable development in China [4][11][14]. Group 1: Resource Exploration - Shengli Oilfield has achieved continuous breakthroughs in resource exploration, with proven reserves exceeding 100 million tons for three consecutive years [4][10]. - The oilfield has discovered a new shale oil field, marking a major breakthrough in the exploration and development of shale oil in continental rift basins [4][10]. - The estimated resource volume of the Shengli Jiyang shale oil is 10.52 billion tons, comparable to the currently discovered conventional oil resources [10]. Group 2: Technological Innovation - Shengli Oilfield has developed key technologies to enhance oil extraction from depths exceeding 3,000 meters, overcoming significant technical challenges [11][12]. - The CCUS (Carbon Capture, Utilization, and Storage) project has been successfully implemented, with over 2 million tons of CO2 injected since its launch, significantly increasing oil production [11][12]. - The oilfield has also innovated in chemical flooding techniques, successfully applying them in high-temperature reservoirs, thus unlocking over 100 million tons of additional resource potential [12]. Group 3: Green Energy Integration - Shengli Oilfield has established a photovoltaic capacity of 572 megawatts, generating 740 million kilowatt-hours of green electricity annually, contributing to a 25% green energy share in oil and gas production [14]. - The oilfield has implemented a smart energy system that integrates various energy resources, enhancing supply quality and efficiency while reducing carbon emissions [14][15]. - The transition to renewable energy sources is seen as a crucial step in achieving a balanced energy portfolio alongside traditional oil and gas operations [14][15].