Core Viewpoint - Jilin Oilfield is transitioning from a single crude oil production base to a comprehensive energy system that includes crude oil, natural gas, and renewable energy sources, addressing challenges such as declining reserves and increasing costs [2][3][5]. Group 1: Production and Historical Context - Established in 1961, Jilin Oilfield is one of the earliest developed oil and gas fields in Northeast China, having produced approximately 198 million tons of crude oil and 28.1 billion cubic meters of natural gas over 65 years [1][3]. - The discovery of the Fuyu Oilfield in 1959 marked the end of Jilin Province's "no oil" history, leading to gradual capacity formation despite material shortages and construction constraints [3]. - The oilfield is currently facing challenges related to low permeability and low abundance reservoirs, making stable production a long-term challenge, with annual crude oil production maintained at around 3.8 million tons during the 14th Five-Year Plan period [3]. Group 2: Natural Gas Development - The discovery of the Changling Gas Field in 2005 allowed Jilin Oilfield to have large-scale natural gas resources for the first time, leading to ongoing investments in tight gas and shale gas [5]. - By 2025, natural gas production is expected to reach 1.91 billion cubic meters, contributing to market supply and regional peak shaving tasks, with the operation of the Shuangtuozi gas storage enhancing its role in winter gas supply in Northeast China [5]. Group 3: Renewable Energy Initiatives - Renewable energy is viewed as a long-term option to address resource depletion and emission reduction pressures, with Jilin Oilfield exploring the "oil and gas + renewable energy" path to lower production energy costs and reduce carbon emissions [5]. - The oilfield is leveraging wind, solar, and geothermal resources in western Jilin to develop wind power, photovoltaic, and geothermal projects, aiming for a wind-solar power generation of 1.46 billion kilowatt-hours by 2025, with green electricity accounting for over 35% of production energy [5]. - Jilin Oilfield is transitioning from a single energy consumer to a regional clean energy provider, with centralized wind power projects supplying electricity to the community [5]. Group 4: Carbon Capture and Low-Carbon Initiatives - Jilin Oilfield has established a CCUS demonstration project that captures, transports, and stores CO2 emissions from industrial sources, aiming to sequester over 4 million tons of CO2 by 2025, thereby enhancing oil recovery and reducing net emissions [7]. - The oilfield is exploring "zero-carbon" or low-carbon production models by integrating wind, solar, geothermal, and energy storage with oil and gas production systems, with some blocks achieving comprehensive clean energy substitution for production [7]. - The company aims to balance crude oil stabilization, natural gas supply, and renewable energy expansion during the 15th Five-Year Plan [7].

Group 1 - The CEO of Contact formally welcomed attendees, emphasizing the importance of acknowledging the land and ancestors [1][2] - The event took place at Tauhara Maunga, highlighting its cultural significance and connection to the local environment [2] - A karakia was performed to honor the genealogy of geothermal energy, indicating the company's focus on this renewable energy source [3]

Oil Market - Thailand's energy department states that existing oil reserves can meet 60 days of demand, with plans to increase domestic reserves if the situation worsens [1] - Ukrainian President Zelensky plans to discuss freezing Russian assets and setting price caps on oil during the G7 summit [1] - UBS notes that unlike previous oil crises, the current conflict poses minimal supply risks, with Iran accounting for only 1.6% of global oil production and no reported supply disruptions [1] - Fitch expects geopolitical risk premiums on oil prices due to the Israel-Iran conflict to be controlled within $5-10, with significant damage to Iran's production or export infrastructure potentially driving prices higher [1] - The UK Maritime Trade Operations reported a slight decrease in the number of vessels over 1,000 tons passing through the Strait of Hormuz, from 147 on June 9 to 111 on June 15 [1] Natural Gas Market - The Middle East crisis has led to a reduction in Israeli natural gas supply, prompting Egypt to urgently seek fuel supplies [2] - Iranian air defense successfully intercepted an attack on the South Pars gas field, according to Iranian media [2] - Goldman Sachs continues to expect an oversupply of liquefied natural gas in the market, predicting that natural gas storage levels in Northwest Europe will approach capacity limits by summer 2027 [2] Other Developments - A major oil pipeline in Ecuador has ruptured, halting crude oil transportation [3] - Three vessels or tankers are reported to be on fire in the Gulf of Oman near the Strait of Hormuz [3] - OPEC believes that the growth of competitor supplies is slowing, maintaining a stable demand outlook [3] - The U.S. Environmental Protection Agency is directing some staff to cease regulatory oversight of the oil and gas industry [3]